We have very assertive vendors who has suggested a preliminary agreement with a payment of 5k. Is it wise to enter into such agreements?
There are two primary downsides with signing a lock out contract (also known as an exclusivity agreement) is that it takes away the focus from moving forward with the conveyancing process, so unless it requires minimal or no negotiation then it could transpire to be unhelpful. It is not strongly advocated amongst Nottinghamshire conveyancing lawyers as a result. The other main issue is the extent of the remedies available - a jilted purchaser should not expect to secure an injunction to prevent the seller disposing of the property to an alternative purchaser, so the only remedy available under the contract will be the reimbursement of abortive charges and, in limited situations, the extra payment of penalties.
Why do I have to pay up front for my conveyancing in Nottinghamshire?
Where you are retaining lawyers for conveyancing in Nottinghamshire your lawyer will ask you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the purchase price then this will be required immediately before exchange of contracts. Any further balance that is due should be sent to your lawyer shortly before completion.
Please explain the implications if my lawyer’s firm is removed from the Nationwide Solicitor panel ahead of completing my conveyancing in Nottinghamshire?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
In my capacity as executor for the will of my uncle I am disposing of a property in Newport but I am based in Nottinghamshire. My conveyancer (approximately 250 kilometers awayhas requested that I execute a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing practitioner in Nottinghamshire who can witness and place their company stamp on the document?
Technically speaking you should not need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are Nottinghamshire based
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Nottinghamshire. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Nottinghamshire are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Nottinghamshire in which case you should be looking for a Nottinghamshire conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.
I purchased a basement flat in Nottinghamshire, conveyancing was carried out in 2011. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Nottinghamshire with an extended lease are worth £201,000. The ground rent is £45 yearly. The lease terminates on 21st October 2091
With 65 years unexpired we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as professional fees.
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 concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
Are Nottinghamshire conveyancing solicitors duty bound by the Law Society to publish transparent conveyancing costs?
Inbuilt into the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Nottinghamshire or beyond.