The owners of the house we are looking to purchase are using a conveyancing firm in Liversedge who has suggested a preliminary agreement with a non-refundable deposit 6,000. Are such agreements sensible?
There are a couple of main concerns with signing a lock out contract (occasionally termed a shut-out contract) is that it diverts attention away from moving forward with the conveyancing transaction itself, so in the absence of it needing minimal or no negotiation then it may turn out to be a hindrance. It is not strongly advocated amongst Liversedge conveyancing lawyers as a result. A supplemental concern is the extent of the remedies available - a jilted buyer is not likely to be granted injunctive relief to prohibit the owner completing the sale to a third party, so the only remedy open via the contract will be the recovery of abortive charges and, in rare situations, the extra payment of penalties.
I am the registered owner of a freehold premises in Liversedge yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Liversedge and has limited impact for conveyancing in Liversedge 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 date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh 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 after 2037 is to be dispensed with completely.
I require fast conveyancing in Liversedge as I am under an ultimatum to complete within one month. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
If.Given you are not obtaining a mortgage you have the choice not to have searches carried out although no lawyer would recommend that you don't. Drawing on our experience of conveyancing in Liversedge the following are examples of what can crop up and adversely impact the marketability of the property: Refused Planning Applications, Overdue Fees, Outstanding Grants, Railway Schemes,...
Are there restrictive covenants that are commonly picked up as part of conveyancing in Liversedge?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Liversedge. 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 opted to have a survey completed on a house in Liversedge ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some banks tend not give a loan on such a home.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Liversedge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Liversedge to see if the conveyancing will be more expensive.
I am tempted by the attractive purchase price for a couple of flats in Liversedge which have in the region of fifty years left on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Liversedge is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. The majority of buyers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Liversedge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Liversedge - A selection of Questions you should ask before buying
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Be sure to investigate if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Liversedge. If you love the propertyin Liversedge however your cat can’t live with you then you will be presented with a difficult determination. Can you inform me if there are any major works in the planning that will likely add a premium to the maintenance fees?