The owners have rather pushy sellers who has recommended a exclusivity agreement with a payment 6,000. Are such agreements sensible?
This form of contract is unusual in Hayle, conveyancers are not keen on them as they detract from the main conveyancing focus and if you end up losing your deposit then the lawyer is left exposed. Furthermore, there is no certainty that just because the vendor has executed an exclusivity contract they will sell to you. They may be motivated to break the contract if they are offered a big enough financial inducement to do so because a wronged buyer with the benefit of a lockoutcontract will still have to show losses as a consequence of the breach and this may not compare to the financial upside that the owner may secure by breaching the contract, however morally shameful it undoubtedly is.
I am the registered owner of a freehold property in Hayle yet charged rent, why is this and what is this?
It’s unusual for properties in Hayle and has limited impact for conveyancing in Hayle 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 fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I am mortgaging my flat in Hayle, does my lawyer need to be on the Co-operative Solicitor panel?
There is nothing to stop you using your solicitor, but Co-operative will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Should our solicitor be making enquiries about flooding during the conveyancing in Hayle.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Hayle. Plenty of people will acquire a house in Hayle, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a numerous searches that may be undertaken by the purchaser or by their solicitors which should give them a better appreciation of the risks in Hayle. The conventional set of information supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the vendor to determine whether the premises has historically flooded. If flooding has previously occurred and is not revealed by the seller, then a purchaser could issue a claim for damages as a result of such an incorrect answer. A purchaser’s conveyancers may also carry out an environmental report. This should reveal if there is any known flood risk. If so, further investigations should be carried out.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Hayle?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Hayle. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a ground for flat up to £245,000 and found one near me in Hayle I like with a park and transport links nearby, however it's only got 49 remaining years left on the lease. There is not much else in Hayle suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.