The sellers of the property we are hoping to buy are using a conveyancing solicitor in Swindon who has insisted on a lock out agreement with a payment two thousand pounds. Are such agreements sensible?
Exclusivity contracts are contracts binding a home owner and purchaser granting the buyer exclusive rights to the sale of the premises within a prescribed time frame. For all intents and purposes, an exclusivity is a document stating that you will be issued with a contract at a later time which is the contract for the actual sale. It tends to be used for buyer confidence though in some cases, the vendor may stand to benefit from such agreements as well. There are many positives and negatives to having them but you need to check with your lawyer but note that it may result in costing you extra in conveyancing fees. In light of these reasons these contracts are avoided in relation to conveyancing in Swindon.
I own a freehold premises in Swindon but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Swindon and has limited impact for conveyancing in Swindon but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
After reading consumer advice sites for a high-quality lawyer in Swindon, most comment that I must look for a CQS kitemarked lawyer. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing processes via the scheme protocol Membership includes numerous companies who execute conveyancing in Swindon.
Should my conveyancer be raising questions regarding flooding during the conveyancing in Swindon.
The risk of flooding is if increasing concern for lawyers dealing with homes in Swindon. Plenty of people will purchase a house in Swindon, completely aware that at some time, it may suffer from flooding. 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 building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which will figure out the risks in Swindon. The conventional set of information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to discover if the premises has historically flooded. If the premises has been flooded in past which is not revealed by the owner, then a purchaser may issue a legal claim for losses stemming from an misleading answer. The buyer’s solicitors may also commission an environmental report. This will disclose if there is a recorded flood risk. If so, further investigations should be conducted.
Over the last few months I have been searching for a ground for flat up to £305k and found one round the corner in Swindon I like with amenity areas and station in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Swindon for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan that many years will likely be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Estate agents have just been given the go-ahead to market my basement flat in Swindon.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as you normally would as all rents and maintenance invoices should be apportionedon completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process