The vendors of the property we are hoping to buy are using a conveyancing firm in Southmead who has recommended a preliminary agreement with a payment of 5k. Is it wise to enter into such agreements?
This kind of arrangement isn't frequently used in Southmead, conveyancers are often inclined to veer clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. In addition, there is no certainty that just because the seller has signed a lock out contract they will complete the sale with you. They may be motivated to break the contract if they receive sufficient incentive to do so because a wronged party with the benefit of a exclusivity agreement will still have to show losses as a consequence of the breach and these may not compare to the financial upside that your vendor may gain by breaking the agreement, however morally unworthy it undoubtedly is.
It has been four months since my purchase conveyancing in Southmead concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £305k and identified one round the corner in Southmead I like with open areas and railway links nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Southmead for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I am looking for a conveyancing solicitor in Southmead for my house move. Can I see a solicitor's complaints history with the profession’s regulator?
Members of the public may read presented Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Go to Check a solicitor's record. For details Pre 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The regulator could monitor telephone calls for training requirements.
Due to complete next month on a basement flat in Southmead. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Southmead should include some of the following:
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Do you need to have carpet in the flat or are you allowed wood flooring? Are you allowed to have a pet in the flat? You should be sent a copy of the lease Repair and maintenance of the property The physical extent of the property. This could be the property itself but might incorporate a attic or storage are if relevant.
Leasehold Conveyancing in Southmead - Examples of Queries Prior to Purchasing
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How much is the yearly service fee and ground rent? Most Southmead leasehold apartments will have a service bill for the upkeep of the building invoiced on behalf of the landlord. If you purchase the apartment you will have to meet this charge, usually periodically throughout the year. This can vary from two or three hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge to be met yearly, ordinarily this is not a large sum, say around £25-£75 but you need to enquire it because sometimes it can be many hundreds of pounds. Please note that where the lease has fewer than eighty years it will have adverse implications on the salability of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will probably need a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would be required to have been the owner of the premises for two years in order to be entitled to extend the lease.
I have today had an offer accepted on an apartment in Southmead and the broker that we are using recommended his conveyancer. He quoted £800 excluding VAT and 3rd party costs. Does this sound steep?
Don't just go on one quote. You should seek like-for-like quotes for your conveyancing in Southmead. Then choose one that you are comfortable with and just as important, is on the approved list of the mortgage company that you have applied for a mortgage from.