We have very brash vendors who has suggested a exclusivity agreement with a payment 6,000. Is it wise to enter into such agreements?
There are two primary concerns with executing a lock out contract (also termed a shut-out contract) is that it can distract from progressing with the conveyancing work, so unless it requires limited or no negotiation then it may transpire to be a hindrance. It is not strongly advocated by Plymouth conveyancing practitioners for this reason. A supplemental concern is the extent of the remedies available - a jilted buyer is very unlikely to win injunctive relief to prohibit the seller selling to an alternative purchaser, so the only remedy open via the contract will be the reimbursement of wasted charges and, in limited scenarios, the additional payment of penalties.
Completed the sale of my flat in Plymouth last May yet the purchaser is Skype messaging every few hours complaining that their solicitor needs to hear from mylawyer. What should have happened following completion?
Post completion of your sale your solicitor is duty bound to send the transfer deeds and all supplemental paperwork to the buyer’s solicitors. If applicable, your lawyer must also confirm that the home loan has been repaid to the buyers conveyancers. There is unlikely to be post completion tasks just for conveyancing in Plymouth.
I used Action Conveyancing a few years past for my conveyancing in Plymouth. Now, I need the documents but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Plymouth of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
The estate agent has sent us the confirmation of our purchase of a new build flat in Plymouth. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Plymouth
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Due to the advice of my in-laws I had a survey completed on a house in Plymouth in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies will not give a loan on this type of property.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Plymouth. Conveyancing will be smoother if you use a solicitor in Plymouth especially if they regularly deal with such properties in Plymouth.
Can you offer any advice when it comes to finding a Plymouth conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Plymouth conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Plymouth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be of use:
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If they are not ALEP accredited then what is the reason? How experienced is the practice with lease extension legislation?
I acquired a 1st floor flat in Plymouth, conveyancing formalities finalised 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Plymouth with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2103
With only 77 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.