The vendors of the home we are hoping to buy are using a conveyancing firm in Knightsbridge who has recommended a exclusivity contract with a payment 6,000. Are such agreements sensible?
Exclusivity agreements are agreements between a home owner and purchaser giving the buyer exclusive rights to the sale of the premises for a limited period of time. For all intents and purposes, a lock out agreement is a contract specifying that you will be issued with a contract at a later date being the main conveyancing contract. It is generally utilised for buyer confidence though in some cases, the vendor may stand to benefit from such agreements as well. There are numerous pros and cons to having an agreement but you should to check with your solicitor but beware that it may result in costing you extra in conveyancing charges. In light of these reasons these agreements are not popular in relation to conveyancing in Knightsbridge.
My wife and I have recently appointed a conveyancing solicitor in Knightsbridge. I need to find out if they are on the Godiva Mortgages Ltd conveyancing panel. Could you help?
The first thing you should do is contact your solicitor and enquire whether they can act for the lender. Alternatively please get in touch with Godiva Mortgages Ltd who may be able to assist.
Various internet forums that I have frequented warn that are the number one reason for stalling in Knightsbridge house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Knightsbridge.
I have been on the look out for a ground for flat up to £305k and found one near me in Knightsbridge I like with open areas and station in the vicinity, however it's only got 49 remaining years left on the lease. There is not much else in Knightsbridge suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage that many years will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension 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 speak to your conveyancing solicitor about this.
What advice can you give us when it comes to appointing a Knightsbridge conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Knightsbridge conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Knightsbridge conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
How many lease extensions has the firm completed in Knightsbridge in the last year? Can they put you in touch with clients in Knightsbridge who can give a testimonial?
We have reached the end of our tether in negotiating a lease extension in Knightsbridge. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Knightsbridge conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Knightsbridge premises is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case related to 1 flat. The remaining number of years on the lease was 13.33 years.
What should I expect to pay for conveyancing in Knightsbridge?
Almost all Knightsbridge conveyancing practices will charge a standard fee. Where extra work become due during the conveyancing your conveyancer is obliged inform you in writing of any supplemental costs for such work immediately it becomes apparent. Some work on a no move no cost basis, others will charge a proportion of the set costs, according to the point at which the deal falls through.
It may be helpful for you to obtain two or three practices to send you a quotation.