The sellers of the property we are purchasing hired a conveyancing practitioner in Sileby who has suggested a preliminary contract with a down payment of 5k. Are such agreements appropriate for Sileby conveyancing transactions?
There are two main downsides with executing a lock out agreement (also known as a shut-out contract) is that it can distract from progressing with the conveyancing process, so unless it requires limited or no negotiation then it could turn out to be a hindrance. It is not promoted by Sileby conveyancing lawyers for this reason. The other main issue is the extent of the remedies available - a jilted purchaser should not expect to win an injunction to bar the vendor completing the sale to a third party, so the only remedy available under the agreement will be the reimbursement of wasted costs and, in rare circumstances, the extra payment of damages.
Can you explain why leasehold purchase conveyancing in Sileby costs more?
Sileby leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I have just over seventy years remaining on my lease and need a lease extension for my flat in Sileby. Conveyancing solicitors on the Accord Mortgages panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 14/3/2023 the requirements read as follows :
I have todaydiscovered that Stirling Law have been shut down. They conducted my conveyancing in Sileby for a purchase of a freehold house 10 months ago. How can I be sure that my home is registered correctly in the name of the former proprietor?
The quickest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Sileby conveyancing specialists.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one round the corner in Sileby I like with amenity areas and railway links nearby, however it's only got 61 years on the lease. There is not much else in Sileby for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
Is it possible to swap solicitor as I need to retain a firm on the Leeds Building Society conveyancing list. I hired a high street conveyancing solicitor in Sileby five minutes from me but he is not accepted by Leeds Building Society
We will our best to assist in finding you a conveyancing solicitor in Sileby on the Leeds Building Society panel. Please note that the solicitors that we list do not pay us fee if you instruct them and are registered with the SRA who oversee all conveyancing solicitors in Sileby. In making use of the find a conveyancing solicitor tool on this website, you can compare charges for conveyancing solicitors in Sileby and beyond.