The owners of the house we are looking to purchase hired a conveyancing firm in Epworth who has insisted on a exclusivity agreement with a down payment 6,000. Is it wise to enter into such agreements?
This form of agreement isn't frequently used in Epworth, conveyancers are often inclined to direct clients away from them as they detract from focusing on the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no assurance that just because the owner has executed an exclusivity contract they will sell to you. They may be in contravention of the contract if they are offered a large enough offer to do so because an aggrieved buyer with the benefit of a lockoutcontract will still be duty bound to establish consequential losses from the breach and this may not compare to the extra amount that the owner may secure by reneging on the contract, no matter how morally reprehensible it undoubtedly is.
2 months have elapsed since my purchase conveyancing in Epworth took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 property 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.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Epworth is where the house is located. Can you offer any guidance?
Flying freeholds in Epworth are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Epworth you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Epworth may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I was recommended by a number of estate agents in Epworth to select a conveyancer using your seach tool. What’s the financial incentive for Estate Agents to offer your lawyers ahead of a competitor’s?
We don’t offer any financial incentive for sending work our way. We thought it would be too underhand to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I need to instruct a conveyancing solicitor in Epworth for my house move. Is it possible to review a solicitor's complaints history with the legal regulator?
One can find documented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, call +44 (0)121 329 6800. The SRA sometimes monitor telephone calls for training reasons.
I am tempted by the attractive purchase price for a couple of maisonettes in Epworth which have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Epworth. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area.
I own a 1st floor flat in Epworth, conveyancing formalities finalised March 1996. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Epworth with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2075
With only 55 years unexpired we estimate the price of your lease extension to be between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.