The owners have rather brash vendors who has suggested a exclusivity agreement with a down payment 6,000. Are such agreements sensible?
This form of arrangement is unusual in North Somerset, conveyancers are often found to veer clients away from them as they detract from the primary focus, namely conveyancing and if you end up having your deposit forfeited then the lawyer is left exposed. Furthermore, there is no guarantee that just because the owner has signed a lock out contract they will sell to you. They may be in contravention of the agreement if they are offered a large enough incentive to do so because a wronged party with the benefit of a exclusivity agreement will still have to show losses as a consequence of the breach and these may not amount to the financial benefit that your vendor may obtain by reneging on the contract, no matter how morally unworthy that may be.
I purchased a freehold premises in North Somerset but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in North Somerset and has limited impact for conveyancing in North Somerset 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 date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I am remortgaging my flat in North Somerset, does my lawyer need to be on the Leeds Building Society Solicitor panel?
In theory, you could use a solicitor that is not on the Leeds Building Society conveyancing panel, but Leeds Building Society 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 transaction.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to take this when purchasing a property in North Somerset? or Apparently there is a law dating back centuries that means some house owners residing in a parish church boundary may be liable to pay for maintenance towards the chancel in proximity to the church. Is this suitable for conveyancing in North Somerset?
Unless a prior purchase of the property took place after 12 October 2013 you could expect solicitors conducting conveyancing in North Somerset to remain encouraging a chancel search and or insurance against a claim.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in North Somerset I like with open areas and railway links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in North Somerset for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the remaining unexpired lease term may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am looking for a conveyancing practitioner in North Somerset for my sale. Is it possible to review a firm’s record with the legal regulator?
Anyone can see published Solicitor Regulator Association (SRA) decisions arising from investigations commenced on or after 1 January 2008. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The regulator may monitor call for training purposes.