We have very assertive vendors who has insisted on a lock out agreement with a non-refundable deposit 6,000. Are such agreements sensible?
This type of preliminary agreement isn't frequently used in New Brighton, conveyancers are often found to veer clients away from them as they detract from the main conveyancing focus and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. In addition, there is no guarantee that just because the proprietor has signed an exclusivity contract they will sell to you. They may be inclined to break the contract if they are offered sufficient incentive to do so because an aggrieved party with the benefit of a lockout agreement will still be obliged show losses as a consequence of the breach and these may not amount to the financial benefit that your vendor may obtain by breaking the agreement, no matter how morally condemnable it undoubtedly is.
I own a freehold residence in New Brighton but still invoiced for rent, why is this and what is this?
It is rare for properties in New Brighton and has limited impact for conveyancing in New Brighton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I have a decision in principle. The bank mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would prefer to use a New Brighton based conveyancing firm?
You should check but the the probability is that give you one of their panel conveyancers should you want the "fee-free" deal. Call the mortgage company to see if they offer you a cash alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in New Brighton.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in New Brighton I like with open areas and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in New Brighton suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I am hoping to sign contracts shortly on a leasehold property in New Brighton. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in New Brighton should include some of the following:
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Repair and maintenance of the flat The total extent of the demise. This will be the property itself but may include a roof area or basement if relevant. Defining your legal entitlements in relation to common areas in the building.For example, does the lease permit a right of way over an accessway or staircase? The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Whether your lease provides for a reserve fund?
I own a basement flat in New Brighton, conveyancing formalities finalised April 2003. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in New Brighton with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2085
With just 60 years left to run we estimate the premium for your lease extension to be between £20,000 and £23,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
How do I find a New Brighton conveyancing solicitor on the mortgage company conveyancing panel? I have a car and am prepared to travel up to 10kilometers to attend the solicitor.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case New Brighton and you will see a number of lawyer located nearest New Brighton. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.