The vendors of the home we are hoping to buy have instructed a conveyancing firm in Bishops Waltham who has insisted on a preliminary agreement with a payment two thousand pounds. Are such agreements sensible?
This type of preliminary agreement isn't common in Bishops Waltham, conveyancers are often inclined to veer clients away from them as they detract from the main conveyancing focus and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no guarantee that just because the proprietor has executed an exclusivity contract they will sell to you. They may be in contravention of the agreement if they receive sufficient financial inducement to do so because a wronged purchaser with the benefit of a lockoutcontract will still be obliged show losses as a consequence of the breach and these may not compare to the extra amount that the owner may secure by breaking the agreement, however morally reprehensible that may be.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Bishops Waltham. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 2/8/2025, the requirements read as follows :
Will our lawyer be making enquiries regarding flooding as part of the conveyancing in Bishops Waltham.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Bishops Waltham. There are those who purchase a house in Bishops Waltham, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a numerous searches that may be carried out by the purchaser or by their lawyers which should figure out the risks in Bishops Waltham. The standard property information forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to discover if the premises has ever been flooded. If flooding has previously occurred and is not revealed by the seller, then a purchaser may bring a compensation claim as a result of such an inaccurate answer. The purchaser’s lawyers may also commission an enviro report. This will disclose whether there is any known flood risk. If so, additional inquiries should be made.
The deeds to our property are lost. The lawyers who dealt with the conveyancing in Bishops Waltham 5 years ago no longer exist. Will I be able to sell the house?
Gone are the days when you need to have the physical official documentation to evidence that you are the owner of your registered land or premises, given that the Land Registry hold details of all registered land or property electronically.
Do I need to be wary by third parties that I am dealing with are suggesting an online conveyancing firm as opposed to a High Street Bishops Waltham conveyancing practice?
As with many professional services, often input from relatives can be worth their weight in gold. But there are many players in a conveyancing transaction; estate agents, mortgage brokers and lenders may put forward solicitors to choose. On occasion the lawyers might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the recommendation. You have the right to select your preferred lawyer. However, bear in mind that most mortgage providers specify a panel list of solicitors you have to use for the mortgage aspect of your home move.
What advice can you give us when it comes to appointing a Bishops Waltham conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Bishops Waltham conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Bishops Waltham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be of use:
-
How familiar is the practice with lease extension legislation?
I invested in buying a basement flat in Bishops Waltham, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Bishops Waltham with over 90 years remaining are worth £170,000. The ground rent is £50 yearly. The lease expires on 21st October 2103
With 78 years unexpired the likely cost is going to be between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.