I decided to go with a Burford based lawyer for our conveyancing in Burford last week. After carefully reading the terms of engagement it is apparent thatI am on the hook for costs even if the sale doesn't happen. Would I be best advised to instruct an internet conveyancing company promising no move no charge conveyancing in Burford?
Generally there is a concession along the lines that if "No Sale No Fee" is offered then the conveyancing charges will generally be more expensive to neutralise those cases that do not go ahead. Dont forget that these offerings generally do not cover expenditure e.g. Burford conveyancing search fees.
The owners of the property we are hoping to buy are using a conveyancing firm in Burford who has recommended a exclusivity contract with a payment 6,000. Is it wise to enter into such agreements?
Exclusivity agreements are contracts binding a property vendor and prospective acquirer giving the buyer a ‘clear field’ to purchase the premises within a prescribed time frame. For all intents and purposes, a lock out agreement is a contract specifying that you will be issued with a contract at a later time being the main conveyancing contract. It is generally utilised for buyer protection though in some cases, the proprietor may stand to benefit from such agreements as well. There are many pros and cons to using an agreement but you should to check with your conveyancer but note that it may end up costing you more in conveyancing fees. For these reasons these contracts are avoided when it comes to conveyancing in Burford.
About to purchase a new build flat in Burford. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Burford
-
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Burford is the location of the property. Can you shed any light on this issue?
Flying freeholds in Burford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Burford you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burford 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 property.
I am downsizing from my home. My former conveyancers has retired. I would be grateful for any recommendation of a conveyancing firm. Im based in Burford if that makes things easier.
Do use our search tool to help you find a solicitor for your conveyancing in Burford. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
Do you have any top tips for leasehold conveyancing in Burford with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Burford can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the buyers’ representatives. If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Organising a replacement share certificate can be a time consuming formality and frustrates many a Burford home move. If a new share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity. A minority of Burford leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. The majority of landlords or Management Companies in Burford levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Burford.
I purchased a ground floor flat in Burford, conveyancing formalities finalised 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Burford with an extended lease are worth £176,000. The ground rent is £50 per annum. The lease finishes on 21st October 2105
With 80 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range 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 detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.