The sellers of the property we are hoping to buy hired a conveyancing firm in Chew Magna who has suggested a lock out agreement with a down payment of 5k. Are such agreements sensible?
This type of agreement isn't frequently used in Chew Magna, conveyancers will often encourage clients away from them as they divert attention from the primary focus, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no certainty that just because the proprietor has executed a lock out contract they will complete the sale with you. They may breach the contract if they are offered a large enough offer to do so because a wronged claimant with the benefit of a lockout agreement will still have to show losses as a consequence of the breach and these may not compare to the financial upside that your vendor may gain by reneging on the contract, no matter how morally reprehensible the behaviour is.
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Chew Magna with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
My friend suggested that if I am buying in Chew Magna I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes quoted for as part of the standard Chew Magna conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about Chew Magna around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Chew Magna Education with maps and statistics, Local Amenities and other useful data about Chew Magna.
It has been three months since my purchase conveyancing in Chew Magna took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
What are your top tips when it comes to appointing a Chew Magna conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Chew Magna conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Chew Magna conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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If the firm is not ALEP accredited then what is the reason?
I own a 1st floor flat in Chew Magna, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Chew Magna with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2097
You have 72 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
Our mortgage broker has suggested using their conveyancing practitioner for my conveyancing in Chew Magna - Surely it’s better to just use them?
You need to establish if the estate agent is recommending a lawyer or introducing to a lawyer. There are plenty of Chew Magna estate agents who recommend two or three Chew Magna conveyancing firms and get nothing from it.