The vendors of the house we are hoping to buy have instructed a conveyancing solicitor in East Twickenham who has suggested a exclusivity contract with a payment 10k. Is it wise to enter into such agreements?
There are a couple of primary concerns with signing a lock out agreement (sometimes termed an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing transaction itself, so in the absence of it needing minimal or no negotiation then it may turn out to be a hindrance. It is not strongly advocated by East Twickenham conveyancing lawyers as a result. The other main issue is the extent of the remedies available - a jilted buyer is not likely to be granted an injunctive ruling by a court to prevent the vendor selling to another buyer, so the only remedy available under the contract will be the recovery of abortive costs and, in restricted circumstances, the additional payment of damages.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Principality Solicitor panel ahead of completing my conveyancing in East Twickenham?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
What is your number one tip for choosing a conveyancing solicitor in East Twickenham
We would encourage you not to go for the lowest East Twickenham conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
This question may be naive but I am new to the home moving as a 1st time buyer of a garden flat in East Twickenham. Do I receive the keys to the house on completion from my solicitor? If so, I will instruct a High Street conveyancing solicitor in East Twickenham?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the owner’s solicitors, and shortly after the monies have arrived, you will be able to collect the keys from the Estate Agents and move into your new home. Usually this occurs between 1 and 3pm.
My father advised me that in purchasing a property in East Twickenham there may be a number of restrictions as to what one can do in terms of external alterations to the property. Is this right?
We are aware of a number of properties in East Twickenham which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in East Twickenham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in East Twickenham I like with open areas and station in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in East Twickenham for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan that many years will be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
Do you have any top tips for leasehold conveyancing in East Twickenham with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in East Twickenham can be avoided where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers’ representatives. The majority of landlords or Management Companies in East Twickenham levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in East Twickenham. Some East Twickenham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. You believe that you know the number of years left on your lease but you should double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in East Twickenham. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Lease Extension decision for a East Twickenham property is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The remaining number of years on the lease was 60.45 years.