The sellers of the property we are looking to purchase hired a conveyancing firm in Old Ford who has suggested a lock out agreement with a deposit 10k. Is it wise to enter into such agreements?
Lock out agreements are agreements between a property seller and purchaser giving the buyer the sole right to purchase the premises within a prescribed time frame. Essentially, an exclusivity is a document stating that you will have a contract at a later time being the contract for the actual sale. It tends to be utilised for buyer assurance though in many situations, the proprietor may enjoy an upside from such agreements as well. There are many pros and cons to having them but you need to check with your conveyancer but beware that it may result in incurring more in conveyancing charges. In light of these reasons these agreements are rare in relation to conveyancing in Old Ford.
I purchased a freehold residence in Old Ford yet invoiced for rent, why is this and what is this?
It is rare for properties in Old Ford and has limited impact for conveyancing in Old Ford 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I have been referred to a conveyancing solicitor in Old Ford. I I am struggling to find out whether they are accepted on the Aldermore conveyancing panel. Can you assist?
The first thing you should do is e-mail your solicitor and enquire whether they are on the lender panel. Alternatively you should get in touch with Aldermore who may be able to help.
Due to the encouragement of my in-laws I had a survey completed on a property in Old Ford in advance of appointing solicitors. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some mortgage companies may refuse to give a mortgage on such a house.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Old Ford. Conveyancing will be smoother if you use a solicitor in Old Ford especially if they are acquainted with such properties in Old Ford.
Should I be wary about brokers that I am dealing with are suggesting a web based conveyancing firm as opposed to a High Street Old Ford conveyancing practice?
As is the case with lots of professional services, often recommendations from relatives can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing transaction; estate agents, financial adviser and lenders may put forward lawyers to choose. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You are at liberty to appoint your own lawyer. Don't forget that many lenders specify a panel list of solicitors you must use for the mortgage related work in your conveyancing.
Can you offer any advice when it comes to finding a Old Ford conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Old Ford conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Old Ford conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
What volume of lease extensions have they carried out in Old Ford in the last 12 months?
I am the proprietor of a first floor flat in Old Ford. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Most definitely. We can put you in touch with a Old Ford conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Old Ford residence is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.