The owners have very pushy vendors who has suggested a preliminary agreement with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
This form of contract isn't common in Long Stratton, conveyancers are often found to veer clients away from them as they divert attention from the primary focus, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. Furthermore, there is no guarantee that just because the vendor has entered into a lock out agreement they will sell to you. They may be motivated to break the agreement if they are offered sufficient financial inducement to do so because an aggrieved buyer with the benefit of a exclusivity agreement will still be duty bound to show losses as a consequence of the breach and these may not equalise the financial benefit that the owner may obtain by breaking the contract, no matter how morally reprehensible that may be.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Long Stratton so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for mortgage companies undertake the vast majority of communications through the post, e-mail or over phone calls. This means that they can undertake the conveyancing transaction regardless of where you live in the country. Nevertheless you should see if you have the option of attending the offices of your conveyancing lawyer if just in case this is required.
What does a local search tell me about the property my wife and I purchasing in Long Stratton?
Long Stratton conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for example Searches UK The local search plays an important role in many a Long Stratton conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search should provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
My wife and I purchased a renovated Edwardian house in Long Stratton. Conveyancing lawyer represented me and Birmingham Midshires. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold with the matching address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Long Stratton and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing lawyer who conducted the work.
My husband and I are first time buyers - had an offer accepted, but the agent informed us that the owners will only issue a contract if we appoint the agent's chosen lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor who is familiar with conveyancing in Long Stratton
We suspect that the seller is not behind this demand. If they desire ‘a quick sale', taking such a hostile approach to a serious buyer is likely to cause more damage than good. Speak to the owners direct and explain that (a)you are genuine purchasers (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)however you will continue to appoint your own,trusted Long Stratton conveyancing firm - not the ones that will give the negotiator at the agency a referral fee or meet his conveyancing thresholds set by HQ.
I am a negotiator for a reputable estate agent office in Long Stratton where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Long Stratton conveyancing solicitors. Can you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a 1 bedroom flat in Long Stratton, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Corresponding flats in Long Stratton with an extended lease are worth £265,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2099
You have 76 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.