The owners have very pushy vendors who has suggested a preliminary agreement with a non-refundable deposit of 5k. Are such agreements sensible?
There are a couple of main drawbacks with entering into any lock out agreement (occasionally termed a shut-out contract) is that it diverts attention away from moving forward with the conveyancing process, so in the absence of it needing little or no negotiation then it could turn out to be unhelpful. It is not particularly popular by Gaydon conveyancing solicitors for this reason. A supplemental issue is the extent of the remedies available - a jilted buyer should not expect to be granted an injunctive ruling by a court to stop the seller disposing of the property to an alternative purchaser, so the only remedy available under the contract will be the reimbursement of wasted charges and, in limited circumstances, the extra payment of penalties.
We had appointed conveyancing lawyers based in Gaydon on the HSBC solicitor approved list. They are now charging me a supplemental amount for the legal aspects of the HSBC mortgage. Is this a supplemental conveyancing fee set by HSBC?
Provided it is contained in their Terms of Engagement or estimate then yes your lawyer may charge a fee for this. The fee is not set by HSBC but by your Gaydon property lawyer. Some firms on the HSBC panel will charge an ‘acting for lender’ fee and others do not.
I have decided to exercise my right to buy my property in Gaydon off the council. I have a mortgage offer with Yorkshire BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
I currently have a mortgage with Santander for my property in Gaydon. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
Your original mortgage agreement with Santander will provide that you need their approval before letting out your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. You need not do this via a Santander conveyancing panel solicitor.
Will our conveyancer be raising questions concerning flooding during the conveyancing in Gaydon.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Gaydon. There are those who purchase a house in Gaydon, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a various checks that can be carried out by the purchaser or by their solicitors which can figure out the risks in Gaydon. The standard information supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to discover if the property has ever been flooded. In the event that flooding has previously occurred which is not disclosed by the vendor, then a buyer may bring a legal claim for losses as a result of such an inaccurate reply. The buyer’s conveyancers may also commission an environmental search. This should indicate whether there is a recorded flood risk. If so, additional investigations should be made.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Gaydon is the location of the property. Can you offer any advice?
Flying freeholds in Gaydon are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Gaydon you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gaydon 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.
My business partner and I are wishing to lease a unit on the high street. Can you recommend solicitors offering competitive fees for commercial conveyancing in Gaydon for under 2k?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in Gaydon, including the sale and acquisition of businesses as well as simply premises. Whether you are hoping to buy or lease a shop, pub, restaurant, office, retail unit or a complete business we can find you the right lawyer. Regarding the fees these will vary based on the structure and nuances of the deal. Please provide us with your contact information or phone so as to enable us to furnish you with a detailed commercial conveyancing calculation.
Do you have any top tips for leasehold conveyancing in Gaydon from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Gaydon can be bypassed where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers’ conveyancers. You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unsettled. If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate can be a lengthy formality and slows down many a Gaydon home move. Where a reissued share certificate is needed, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. A minority of Gaydon leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
I purchased a 1 bedroom flat in Gaydon, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Gaydon with a long lease are worth £190,000. The ground rent is £65 yearly. The lease terminates on 21st October 2085
With just 61 years remaining on your lease we estimate the price of your lease extension to span between £19,000 and £22,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.