The vendors of the property we are hoping to buy are using a conveyancing practitioner in West Bromwich who has recommended a preliminary agreement with a down payment two thousand pounds. Are such agreements sensible?
There are two primary concerns with executing a lock out agreement (occasionally known as a no-shop agreement) is that it diverts attention away from progressing with the conveyancing work, so unless it requires minimal or no negotiation then it may transpire to be unhelpful. It is not promoted by West Bromwich conveyancing practitioners as a result. The other main issue is the extent of the remedies available - a jilted buyer should not expect to be issued with an injunctive ruling by a court to bar the owner selling to an alternative purchaser, so the only remedy available under the contract will be the reimbursement of wasted costs and, in restricted circumstances, the additional payment of penalties.
We note that you have a search directory identifying law firms on the Coventry BS conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in West Bromwich?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in West Bromwich.
Having invested time scouring consumer advice sites for an affordable lawyer in West Bromwich, most advise that I should instruct a CQS assured solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in the legal transfer of properties, trusted by some of the UK's major banks. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). The scheme does not cover licenced conveyancers. West Bromwich is one of the numerous areas of the UK where there are Accredited lawyers.
We are purchasing a property and the conveyancer has identified Chancel Repair for which the property may be obligated to pay because it falls into the area of such a church. She has recommended insurance. Is this really appropriate for conveyancing in West Bromwich
Unless a previous purchase of the property took place after 12 October 2013 you can expect solicitors conducting conveyancing in West Bromwich to remain recommending a chancel search and or insurance against a claim.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. West Bromwich is where the house is located. Can you offer any guidance?
Flying freeholds in West Bromwich are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in West Bromwich you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West Bromwich may determine 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 residence.
Last October I purchased a leasehold property in West Bromwich. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a studio flat in West Bromwich, conveyancing having been completed in 1999. How much will my lease extension cost? Comparable properties in West Bromwich with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2078
With just 54 years remaining on your lease we estimate the price of your lease extension to range between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.