The sellers of the home we are hoping to buy have appointed a conveyancing solicitor in Westcombe Park who has suggested a lock out contract with a down payment 10k. Is it wise to enter into such agreements?

Lock out contracts are contracts binding a property seller and purchaser granting the buyer a ‘clear field’ to the sale of the premises for a set period of time. Essentially, a lock out is a document stating that you should receive a contract at a later time which is the contract for the actual sale. It is generally used for buyer protection though in many situations, the seller may enjoy an upside from such agreements as well. There are various pros and cons to having them but you should to check with your solicitor but note that it may end up costing you more in conveyancing charges. In light of these reasons these agreements are avoided in relation to conveyancing in Westcombe Park.

My bank has suggested a law firm on their panel based in Westcombe Park but I would rather use a conveyancing lawyer in Westcombe Park or nearer to where I live. Can you assist?

It is by no means the case that all Westcombe Park conveyancing solicitors are listed all lender’s conveyancing panel. Do make use of the above search tool to find a Westcombe Park conveyancing firm on the on the bank panel.

Just had an offer accepted on a new build flat in Westcombe Park. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Westcombe Park

If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry.

Is it simple use the search app to choose a conveyancing practitioner in Westcombe Park on the panel for my mortgage?

Step one is to pick a mortgage company such as Birmingham Midshires, Chelsea Building Society or Britannia then choose your location for instance Westcombe Park. Conveyancing firms in Westcombe Park and across England and Wales will then be shown.

I today plan to offer on a house that seems to be perfect, at a great price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Westcombe Park. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Westcombe Park are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Westcombe Park so you should seriously consider shopping around for a Westcombe Park conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.

I am the leaseholder of a ground-floor 1950’s flat in Westcombe Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?

Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to calculate the amount due.

An example of a Lease Extension case for a Westcombe Park flat is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 72 years.