We have rather pushy sellers who has insisted on a preliminary agreement with a non-refundable deposit 10k. Is it wise to enter into such agreements?
There are a couple of main concerns with entering into any lock out contract (occasionally known as a shut-out contract) is that it takes away the focus from progressing with the conveyancing work, so unless it requires limited or no negotiation then it could transpire to be unhelpful. It is not promoted by Abbots Langley conveyancing solicitors as a result. A further concern is the extent of the remedies available - an aggrieved purchaser is not likely to be issued with an injunctive ruling by a court to stop the owner completing the sale to an alternative purchaser, so the only remedy open via the agreement will be the reimbursement of abortive charges and, in limited scenarios, the extra payment of penalties.
What does a local search tell me concerning the house I am purchasing in Abbots Langley?
Abbots Langley conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company such as PSG The local search is essential in every Abbots Langley conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search should supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I have todaybecome aware that Action Conveyancing have closed. They carried out my conveyancing in Abbots Langley for a purchase of a leasehold apartment 10 months ago. How can I check that my home is in my name in the name of the previous owner?
The quickest method to see if the property is registered to you, you can make 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 Abbots Langley conveyancing specialists.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Abbots Langley is where the house is located. Can you offer any guidance?
Flying freeholds in Abbots Langley are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Abbots Langley you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Abbots Langley 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.
I am a negotiator for a long established estate agent office in Abbots Langley where we have experienced a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Abbots Langley conveyancing firms. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a 2 bed flat in Abbots Langley, conveyancing was carried out in 1999. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Abbots Langley with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2101
You have 76 years left to run the likely cost is going to be between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information 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. Please do not move forward based on this information before getting professional advice.
I am expecting to complete on the purchase a house in Abbots Langley but as a consequence of wreckage from the recent storms I have agreed reparation from the seller of five thousand pounds in the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process but the mortgage company will not permit this. Should they have been notified?
Your conveyancer being on the mortgage company approved list is duty bound to advise the lender of any changes to the sale amount. If you did not allow your conveyancing practitioner to notify the price change to your mortgage company then they would have no choice but to refrain from representing you and the mortgage company.