The owners of the property we are looking to purchase have appointed a conveyancing solicitor in Bedminster who has suggested a preliminary agreement with a down payment 6,000. Are such agreements sensible?
Exclusivity agreements are contracts between a property seller and prospective acquirer granting the buyer the sole right to the sale of the premises for a certain period of time. For all intents and purposes, a lock out agreement is a contract stating that you will receive a contract at a later date which is the contract for the actual sale. It is generally utilised for buyer confidence though in many situations, the proprietor may stand to benefit from such agreements as well. There are numerous positives and negatives to having an agreement but you should to check with your lawyer but beware that it may end up costing you more in conveyancing charges. For these reasons these agreements are rare when it comes to conveyancing in Bedminster.
I had intended to instruct a property lawyer in Bedminster for our home move. Our financial adviser informed us that our bank Bank of Scotland won't deal with them. Why is this not regarded as unduly restrictive?
Before the recession most banks had a different appetite for risk. Almost all Bedminster conveyancing firms would have been on many lender panels. The FSA in 2010 completed a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms concerning their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum number of transactions. Many Bedminster conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Bedminster is one of the numerous locations where the solicitors we recommend are on the panel for Bank of Scotland.
The deeds to our property can not be found. The conveyancers who dealt with the conveyancing in Bedminster 10 years ago have long since closed. What are my options?
As long as the title is registered the information relating to your ownership will be evidenced by the Land Registry with a Title Number. It is possible to perform a search at the Land Registry, locate your property and get up to date copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will also normally hold a certified duplicate of the Registered Lease and again, a copy can be ordered for a small fee.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Bedminster I like with open areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Bedminster suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease will be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Expecting to exchange soon on a basement flat in Bedminster. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bedminster should include some of the following:
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What you can do if another tenant in the building breaches a clause of their lease? Responsibility for maintaining the window frames You should know if the lease permits you to add or upgrade anything in the property- you should know whether it relates to all alterations or limited to structural alteration, and whether licences for alterations is required Who has the liability to repair and maintain the main walls and foundations. It is important that you know which party is responsible the repair and maintenance of all parts of the block and communal areas Repair and maintenance of the property
I am the registered owner of a leasehold flat in Bedminster, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Bedminster with over 90 years remaining are worth £255,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2097
With only 73 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
How much should conveyancing in Bedminster cost?
Almost all Bedminster conveyancing practices will agree to a fixed fee. If additional work become due during the transaction your property lawyer should inform you in writing of any extra costs for any work as soon as it becomes foreseeable. Some organisations may agree not to charge a fee if a transaction does not go ahead, others will charge a percentage of the set costs, depending on the stage at which the matter aborts.
It may be helpful for you to seek various conveyancers to give you an estimate.