The owners have rather assertive vendors who has suggested a exclusivity agreement with a payment two thousand pounds. Are such agreements sensible?
This form of agreement isn't frequently used in Nannerch, conveyancers are not keen on them as they detract from focusing on the main conveyancing focus 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. In addition, there is no guarantee that just because the owner has signed an exclusivity contract they will sell to you. They may be inclined to break the agreement if they are offered a big enough offer to do so because an aggrieved buyer with the benefit of a exclusivity agreement will still be duty bound to show losses as a consequence of the breach and these may not compare to the financial benefit that your vendor may obtain by breaking the contract, no matter how morally shameful it undoubtedly is.
Forgive me if this question is silly but I am unseasoned as a 1st time purchaser of a ground floor flat in Nannerch. Do I pick up the keys to the house on the completion date from my solicitor? If so, I will use a High Street conveyancing solicitor in Nannerch?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the owner’s solicitors, and once they have received this, you will be able to collect the keys from the property Agents and start moving into the property. This tends to happen between 1 and 3pm.
Last month we had a mortgage agreed in principle with Principality. Nannerch conveyancing solicitors are instructed. How long does it take for Principality to issue the offer to the property lawyer?
Some lenders take longer than others. Have Principality conducted the valuation? Have you informed Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My husband and I are in the throws of looking at apartments in Nannerch and I am now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Clydesdale.
It would be prudent to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are getting a mortgage with Clydesdale, make sure you remember to check that your lawyer is on the Clydesdale conveyancing panel.
Are there restrictive covenants that are commonly identified during conveyancing in Nannerch?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Nannerch. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Nannerch differ for new build properties?
Most buyers of new build residence in Nannerch come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Nannerch tend to purchase 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 conveyancing solicitors 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 Nannerch or who has acted in the same development.
I opted to have a survey done on a house in Nannerch in advance of instructing solicitors. I have been told that there is a flying freehold element to the property. Our surveyor advised that some lenders may not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Nannerch. Conveyancing will be smoother if you use a solicitor in Nannerch especially if they are acquainted with such properties in Nannerch.
There are only 62 years left on my lease in Nannerch. I now want to extend my lease but my landlord is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the lessor. On the whole a specialist should be helpful to conduct investigations and to produce an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Nannerch.
I own a basement flat in Nannerch, conveyancing was carried out in 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Nannerch with over 90 years remaining are worth £192,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2079
With just 54 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional 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 placing reliance on this information before getting professional advice.