The sellers of the property we are purchasing have instructed a conveyancing practitioner in Long Stratton who has suggested a exclusivity agreement with a deposit 10k. Are such agreements sensible?
Exclusivity contracts are agreements binding a property vendor and prospective buyer giving the buyer a ‘clear field’ to purchase the premises within a prescribed time frame. For all intents and purposes, an exclusivity agreement is a contract specifying that you should have 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 vendor may enjoy an upside 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 end up costing you more in conveyancing fees. In light of these reasons these agreements are avoided in relation to conveyancing in Long Stratton.
My brother-in-law has suggested I instruct a conveyancing solicitor in Long Stratton. I I would like to check whether they are on the Bank of Scotland approved list of lawyers. Could you or the lender confirm if they are on the panel?
You should contact your lawyer and enquire if they are on the lender panel. Alternatively please call Bank of Scotland who may be able to confirm.
How does conveyancing in Long Stratton differ for new build properties?
Most buyers of new build property in Long Stratton come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Long Stratton usually 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 conveyancers 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 accustomed to new build conveyancing in Long Stratton or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Long Stratton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Long Stratton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Long Stratton you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Long Stratton 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 property.
Taking into account that I will soon spend over three hundred thousand on 3 bedroom house in Long Stratton I would like to have a conversation with the lawyer regarding thehouse move before instructing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you first talking to the solicitor due to be conducting your property ownership legalities in Long Stratton.There is no ‘factory style conveyancing’ - each client is an important individual, not a file number. The practices that we put you in touch with believe that the figure you are quoted for your conveyancing in Long Stratton should be the figure that you end up paying.
Looking forward to exchange soon on a basement flat in Long Stratton. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Long Stratton should include some of the following:
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Does the lease require carpeting throughout thus preventing wood flooring? What options are open to you if another tenant in the building breaches a clause of their lease? You would want to be sent a copy of the lease Whether the lease restricts you from subletting the property, or working from home
I bought a 1st floor flat in Long Stratton, conveyancing having been completed 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Long Stratton with a long lease are worth £197,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2081
With just 55 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.