The owners of the home we are hoping to buy hired a conveyancing solicitor in Ledbury who has insisted on a lock out contract with a deposit of 5k. Are such agreements sensible?
Exclusivity contracts are agreements binding a property seller and prospective buyer granting the buyer the sole right to the sale of the property for a limited period of time. Essentially, an exclusivity is a document specifying that you should have a contract at a later time being the contract for the actual sale. It tends to be utilised for buyer protection though in many situations, the seller may stand to benefit from such agreements as well. There are various pros and cons to using them but you need to check with your conveyancer but beware that it may result in costing you more in conveyancing charges. In light of this these contracts are avoided when it comes to conveyancing in Ledbury.
Will lawyers ask for money on account when it comes to conveyancing in Ledbury?
Where you are retaining lawyers for conveyancing in Ledbury your solicitor will request that you to provide them with funds to cover the search fees. Normally this is requested to cover the fees of the Local Authority Search. When the deposit is as part of the sale price then this should be asked for shortly in advance of contracts are exchanged. Any further balance that is due will be payable shortly before completion.
What happens if my solicitor is expelled from the RBS Conveyancing panel ahead of completing my conveyancing in Ledbury?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Ledbury I like with open areas and railway links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Ledbury in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years will be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
We are 3 weeks into a residential purchase having been recommend to conveyancers by the selling agent to handle our conveyancing in Ledbury. I am am very frustrated with the level of service. Could you help me find new solicitors?
They would need to be really poor in order to consider replacing them. Has the loan offer been generated? In the event that it has you will need to make them aware of the new contact details and get the offer are re-sent. The conveyancer should be on the banks panel to avoid added costs and delays. That should be your first question of the new lawyers. The find a solicitor tool will assist you in finding a bank approved solicitor for your home move in Ledbury
My wife and I purchased a leasehold flat in Ledbury. Conveyancing and Nottingham Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Ledbury who acted for me is not around. Do I pay?
First contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Ledbury conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a 1st floor flat in Ledbury, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Ledbury with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2102
With 77 years remaining on your lease the likely cost is going to range between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.