The owners have very assertive sellers who has suggested a exclusivity contract with a deposit 10k. Is it wise to enter into such agreements?
Lock out agreements are contracts between a property vendor and purchaser granting the buyer a ‘clear field’ to purchase the property for a limited period of time. Essentially, an exclusivity agreement is a contract specifying that you will be issued with a contract at a later date which is the contract for the actual sale. It tends to be utilised for buyer assurance though in some cases, the seller may stand to benefit from such agreements as well. There are many pros and cons to using them but you need to check with your solicitor but note that it may result in costing you more in conveyancing charges. For these reasons these contracts are unusual in relation to conveyancing in Broadstone.
Me and my brother own a renovated Georgian property in Broadstone. Conveyancing solicitor acted for me and Santander. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold with the matching address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Broadstone and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing practitioner who conducted the purchase.
How does conveyancing in Broadstone differ for newly converted properties?
Most buyers of new build property in Broadstone contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Broadstone typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Broadstone or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Broadstone I like with amenity areas and station in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Broadstone suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
My father has recommend that I appoint his conveyancers in Broadstone. Should I choose my own property lawyer?
No doubt the best way to find a conveyancing practitioner is to seek guidance from friends or relatives who have actually used the solicitor that you are contemplating using.
I have just appointed agents to market my basement apartment in Broadstone. Conveyancing is yet to be initiated, but I have just received a yearly maintenance charge invoice – what should I do?
It best that you discharge the maintenance contribution as usual because all rents and maintenance payments should be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
Leasehold Conveyancing in Broadstone - A selection of Queries Prior to Purchasing
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Is anyone aware of any major works in the near future that will likely increase the service costs? For many Broadstone leaseholds the outlay for major works tend not to be included within service charges, although there some managing agents in Broadstone require leaseholders to pay into a sinking fund and this is used to offset against major repairs or maintenance. Best to be warned whether fixing the lift or some other significant cost is anticipated to be shared by the leaseholders and will dramatically increase the the service fees or result in a one off invoice.