My fiance’s dad is a property lawyer. I hope that I will be offered mate’s pricing for conveyancing, However if that does not come through, what kind of costs should I be expecting for conveyancing in Somerstown?
You should contrast pricing. Do use our comparison tool on this site. Whilst charges do vary but the service one can expect differ between solicitors as is the case with most professions.
The sellers of the property we are hoping to buy have instructed a conveyancing firm in Somerstown who has recommended a preliminary contract with a deposit of 5k. Are such contracts appropriate for Somerstown conveyancing transactions?
There are two main downsides with signing a lock out contract (sometimes termed an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing work, so unless it requires minimal or no negotiation then it may turn out to be a cause of frustration and delay. It is not promoted by Somerstown conveyancing lawyers as a result. A supplemental issue is the extent of the remedies available - a jilted buyer is very unlikely to be granted an injunctive ruling by a court to stop the vendor completing the sale to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of wasted costs and, in rare situations, the extra payment of damages.
Will our conveyancer be asking questions concerning flooding as part of the conveyancing in Somerstown.
The risk of flooding is if increasing concern for lawyers dealing with homes in Somerstown. Plenty of people will purchase a property in Somerstown, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, however there are a various checks that can be initiated by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Somerstown. The standard information supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to discover if the property has historically flooded. If flooding has previously occurred and is not notified by the owner, then a buyer may issue a legal claim for losses as a result of such an inaccurate answer. The buyer’s conveyancers should also commission an enviro report. This should reveal whether there is any known flood risk. If so, further inquiries should be made.
I opted to have a survey carried out on a property in Somerstown prior to retaining solicitors. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some lenders may refuse to grant a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. If you contact us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Somerstown. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Somerstown to see if the conveyancing costs will increase in light of this.
I have been sourcing a conveyancing solicitor in Somerstown for my house move. Is there any facility to see a solicitor's record with the profession’s regulator?
Anyone can read documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The SRA may recorded call for training purposes.
I am looking at a couple of maisonettes in Somerstown both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.
I am the registered owner of a garden flat in Somerstown. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Somerstown conveyancing firm who can help.
An example of a Lease Extension case for a Somerstown property is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case affected 1 flat. The unexpired term as at the valuation date was 62.79 years.