The owners of the property we are hoping to buy have appointed a conveyancing practitioner in Fairford who has suggested a exclusivity agreement with a non-refundable deposit 10k. Is it wise to enter into such agreements?
This form of preliminary agreement is unusual in Fairford, conveyancers will often encourage clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the solicitor is left exposed. Secondly, there is no assurance that just because the seller has entered into an exclusivity contract they will sell to you. They may be motivated to break the agreement if they receive sufficient financial inducement to do so because an aggrieved party with the benefit of a exclusivity agreement will still have to show losses as a consequence of the breach and this may not amount to the financial benefit that your vendor may gain by breaking the agreement, however morally condemnable that may be.
I am the registered owner of a freehold property in Fairford but still charged rent, why is this and what is this?
It’s unusual for properties in Fairford and has limited impact for conveyancing in Fairford but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am buying a terrace house in Fairford. The intention is to carry out an extension to the side at the property.Will legal investigations on the property include enquiries to ascertain if these alterations are permitted?
Your solicitor should check the deeds as conveyancing in Fairford will sometimes reveal restrictions in the title documents which prohibit categories of alterations or require the consent of another owner. Some works need local authority planning consent and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be sensible to check these things with a surveyor ahead of any purchase.
I have today made my last payment due on my mortgage with UBS. I assume I don't need a Fairford conveyancing practitioner on the UBS panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your UBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the UBS mortgage from the register. UBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
Nationwide have agreed my mortgage in principle, my bid on a house in Fairford has been accepted, now what?
Your property agent will wish to be advised as to your conveyancer's details (be sure the property lawyers are on the bank’s approved list). Telephone Nationwide or the broker and finish off any relevant forms. Nationwide will sellect a valuer who will get in contact with the estate agent or owners to arrange a time for the valuation to occur. Once conducted (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Nationwide will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Fairford.
Due to the advice of my in-laws I had a survey completed on a house in Fairford prior to retaining solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will refuse to give a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Fairford. Conveyancing may be slightly more expensive based on your lender's requirements.
My father has suggested that I use his conveyancers in Fairford. Should I find my own property lawyer?
There are no two ways about it it’s preferable to choose a conveyancing lawyer is to seek feedback from friends or family who have used the solicitor you're considering.
I have just appointed agents to market my 2 bed flat in Fairford. Conveyancing solicitors are to be appointed soon, but I have recently received a yearly service charge demand – what should I do?
The sensible thing to do is clear the maintenance contribution as you normally would as all ground rent and maintenance charges will be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I acquired a 1 bedroom flat in Fairford, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Fairford with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease expires on 21st October 2081
With only 56 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.