The owners have very brash vendors who has suggested a preliminary contract with a payment of 5k. Is it wise to enter into such agreements?
Lock out agreements are contracts between a property seller and purchaser granting the buyer a ‘clear field’ to the sale of the property within an agreed time frame. For all intents and purposes, an exclusivity is a document stating that you should be issued with a contract at a later time being the contract for the actual sale. It tends to be utilised for buyer protection though in some cases, the owner may stand to benefit from such agreements as well. There are various pros and cons to having them but you should to check with your lawyer but beware that it may result in costing you extra in conveyancing charges. In light of this these contracts are avoided in relation to conveyancing in Braunstone.
Why is leasehold purchase conveyancing in Braunstone costs more?
Braunstone leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I purchased my apartment on 11 June and my personal details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Braunstone expressed confidence that it will be dealt with in less than a month. Are properties in Braunstone uniquely lengthy to register?
As far as conveyancing in Braunstone registration is no faster or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timescales can adjust according to the party submitting the application, whether it is in order and if the Land registry need to notify any third persons or bodies. At present roughly three quarters of such applications are fully dealt with within 12 days but some can be subject to extensive hold-ups. Registration is effected once the purchaser is living at the property thus 'speed' is not typically top priority yet where there is a degree of urgency associated with the registration then you or your conveyancer could speak with the land registry and explain the circumstances.
Yesterday I discovered 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, no chain conveyancing. Braunstone is the location of the property. What do you suggest?
Flying freeholds in Braunstone are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Braunstone you would need to get your solicitor to go 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 Braunstone may ascertain 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 premises.
Am I best advised to go with a Braunstone conveyancing lawyer who is local to the property I am buying? We have a good friend who can conduct the conveyancing however his firm is located 200kilometers away.
The primary upside of using a local Braunstone conveyancing firm is that you can pop in to execute paperwork, deliver your identification documents and apply pressure on them where appropriate. Having local Braunstone know how is a plus. However it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and in the main were impressed that must outweigh using an unfamiliar Braunstone conveyancing lawyer solely due to them being round the corner.
Back In 2002, I bought a leasehold house in Braunstone. Conveyancing and Virgin Money mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Braunstone who acted for me is not around. What should I do?
First contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Braunstone conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Braunstone Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
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How much is the ground rent and service charge? How many of the leaseholders are in arrears for their maintenance charge payments? The best form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this situation the tenants benefit from being in charge if their destiny and although a managing agent is frequently employed if it is larger than a house conversion, the managing agent is directed by the tenants.