The owners of the property we are purchasing have instructed a conveyancing firm in Purfleet who has suggested a lock out contract with a down payment 6,000. Is it wise to enter into such agreements?
This type of contract is unusual in Purfleet, conveyancers are not keen on them as they divert attention from the main conveyancing focus and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the proprietor has signed an exclusivity contract they will sell to you. They may be inclined to break the contract if they are offered sufficient offer to do so because an aggrieved party with the benefit of a lockout agreement will still have to establish consequential losses from the breach and this may not equalise the extra amount that your seller may obtain by breaking the agreement, however morally reprehensible it undoubtedly is.
Is there a reason why leasehold purchase conveyancing in Purfleet costs more?
The conveyancing charges on a leasehold premises in Purfleet is often more expensive than on a freehold transaction. This is due to the supplemental work necessary in dealing with the freeholder and management company to collate the information about whether the rent and service charges have been paid and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the building.
I had intended to instruct a property lawyer in Purfleet for our house move. Our financial adviser has since notified us that our mortgage lenders Lloyds TSB Bank won't deal with them. Surely this is unfair competition?
A mortgage company can require an approved conveyancer act for it. Borrowers are liable to bear the cost of this. Please make use of our search facility to locate a solicitor to carry conveyancing in Purfleet on the Lloyds TSB Bank approved list of solicitors.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Purfleet is where the house is located. Can you offer any opinion?
Flying freeholds in Purfleet are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Purfleet you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Purfleet may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I need to appoint a conveyancing solicitor for freehold conveyancing in Purfleet. I happened to discover a web site which seems to have the ideal answer If it is possible to get all formalities completed via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What are your top tips when it comes to choosing a Purfleet conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Purfleet conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with two or three firms including non Purfleet conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:
-
How experienced is the firm with lease extension legislation? Can they put you in touch with clients in Purfleet who can give a testimonial?
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Purfleet. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to assess the sum to be paid.
An example of a Lease Extension decision for a Purfleet property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term was 76 years.