The sellers of the property we are purchasing are using a conveyancing firm in Elm Park who has suggested a lock out agreement with a down payment two thousand pounds. Are such agreements sensible?
There are two primary downsides with executing a lock out agreement (sometimes known as a shut-out contract) is that it can distract from progressing with the conveyancing process, so unless it requires limited or no negotiation then it could turn out to be a cause of frustration and delay. It is not particularly popular by Elm Park conveyancing practitioners for this reason. A further issue is the extent of the remedies available - a jilted purchaser is very unlikely to win an injunctive ruling by a court to bar the owner selling to an alternative purchaser, so the only remedy open via the contract will be the reimbursement of wasted charges and, in rare scenarios, the additional payment of penalties.
It has been 3 months following my purchase conveyancing in Elm Park took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Elm Park differ for newly converted properties?
Most buyers of new build property in Elm Park approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is built. This is because house builders in Elm Park tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Elm Park or who has acted in the same development.
What does commercial conveyancing in Elm Park cover?
Elm Park conveyancing for business premises covers a wide range of advice, supplied by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Should I appoint a Elm Park conveyancing solicitor who is local to the property I am buying? We have a good friend who can perform the legal work however his firm is located 200miles away.
The benefit of a local Elm Park conveyancing firm is that you can pop in to execute paperwork, hand in your identification documents and apply pressure on them where appropriate. They will also have local knowledge which is a bonus. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and in the main were impressed that should trump using an unfamiliar Elm Park conveyancing lawyer solely due to them being based in the area.
I am tempted by the attractive purchase price for a couple of apartments in Elm Park both have about forty five years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorates and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Elm Park conveyancing firm to act on my behalf?
Where there is a absentee landlord or where there is disagreement 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 decide the price.
An example of a Lease Extension decision for a Elm Park premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The unexpired term was 57.5 years.