I opted for a Leicester based lawyer for my conveyancing in Leicester today. After carefully reading the terms of engagement I seeI am liable for charges even if the movefalls through. Would I be best advised to select an on-line solicitor practice promising no-sale-no-fee conveyancing in Leicester?
Generally there is a compromise along the lines that if "No Completion No Fee" is available then the fee levels will tend to be be more expensive to cover those cases that do not go ahead. Also remember that such offerings tend not to cover disbursements by way of example Leicester conveyancing search fees.
The vendors of the property we are purchasing have instructed a conveyancing practitioner in Leicester who has recommended a exclusivity agreement with a down payment 10k. Is it wise to enter into such agreements?
There are a couple of primary downsides with entering into any lock out agreement (also known as a no-shop agreement) is that it diverts attention away from making progress with the conveyancing transaction itself, so unless it requires minimal or no negotiation then it could turn out to be a hindrance. It is not particularly popular amongst Leicester conveyancing practitioners as a result. A supplemental negative is the extent of the remedies available - an aggrieved buyer is very unlikely to be issued with injunctive relief to prohibit the vendor disposing of the property to a third party, so the only remedy open via the contract will be the recovery of wasted costs and, in limited circumstances, the extra payment of penalties.
Can you explain why leasehold purchase conveyancing in Leicester costs more?
The conveyancing costs on a leasehold premises in Leicester is inevitably more expensive when contrasted to a freehold acquisition or disposal. This is due to the extra time required in corresponding with the freeholder and management company to collate the information concerning whether the rent and maintenance charges have been cleared and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
A colleague pointed out to me me that in buying a property in Leicester there could be a number of restrictions prohibiting external changes to a property. Is this right?
There are a number of properties in Leicester which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Leicester should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I had a mortgage agreed in principle with Bank of Ireland. Leicester conveyancing solicitors were instructed. How long does it take for Bank of Ireland to forward the offer to the property lawyer?
Some lenders take longer than others. Have Bank of Ireland completed the survey? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am purchasing a property in Leicester. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Co-operative be concerned?
As your lender is Co-operative your lawyer must comply with the formal requirements contained in Part two of UK Finance Lenders’ Handbook for Co-operative. The Council of Mortgage Lenders’ Handbook sets out minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Co-operative where a lease fails to meet these provisions. The provisions relate to the installation of panels on properties countrywide and is not limited to Leicester.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to take this when acquiring a property in Leicester? or Apparently there is a law dating back centuries that means some owners of property living in a parish church boundary will be compelled to contribute towards repairs towards the chancel within the church. Is this appropriate for conveyancing in Leicester?
Unless a prior acquisition of the premises completed post 12 October 2013 you could assume that solicitors delivering conveyancing in Leicester to remain recommending a chancel search and or chancel repair liability insurance.
My wife and I may need to rent out our Leicester garden flat for a while due to taking a sabbatical. We instructed a Leicester conveyancing firm in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
Your lease dictates the relationship between the landlord and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Leicester do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I inherited a 1st floor flat in Leicester, conveyancing was carried out October 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Leicester with an extended lease are worth £176,000. The ground rent is £50 per annum. The lease runs out on 21st October 2105
With 80 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.