The owners have very assertive vendors who has recommended a lock out contract with a deposit 6,000. Are such agreements recommended for Pevensey conveyancing transactions?
There are two primary downsides with entering into any lock out contract (occasionally known as an exclusivity agreement) is that it takes away the focus from progressing with the conveyancing process, so in the absence of it needing minimal or no negotiation then it could transpire to be unhelpful. It is not particularly popular amongst Pevensey conveyancing practitioners for this reason. A supplemental negative is the extent of the remedies available - a jilted buyer is very unlikely to be granted injunctive relief to prohibit the owner completing the sale to another buyer, so the only remedy available under the agreement will be the recovery of abortive charges and, in limited circumstances, the extra payment of penalties.
We had chosen conveyancing lawyers locally in Pevensey on the Nottingham solicitor approved list. They have just billed me a supplemental sum for the legal aspects of the Nottingham mortgage. Is this an additional conveyancing fee set by Nottingham?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancer may charge a fee for this. The fee is not set by Nottingham but by your Pevensey property lawyer. Numerous firms on the Nottingham panel will levy an ‘acting for lender’ fee and others do not.
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Pevensey solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Pevensey surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Co-operative have agreed my mortgage in principle, my bid on a apartment in Pevensey has been accepted, what are the next steps?
Your property agent will need to know who your solicitors are (be sure the solicitors are on the lender’s approved list). Call up Co-operative or your broker and complete any appropriate forms. Co-operative will sellect a valuer who will get in touch with the selling agent or seller to book a time for the valuation to occur. Once carried out (assuming no problems) it takes approximately ten days to receive the mortgage offer. Co-operative will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Pevensey.
Should our lawyer be raising enquiries concerning flooding during the conveyancing in Pevensey.
Flooding is a growing risk for lawyers conducting conveyancing in Pevensey. There are those who acquire a house in Pevensey, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a numerous checks that can be carried out by the buyer or by their solicitors which can figure out the risks in Pevensey. The conventional set of information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to find out if the property has ever been flooded. If the premises has been flooded in past which is not disclosed by the seller, then a buyer could bring a legal claim for losses stemming from an inaccurate response. The purchaser’s solicitors should also commission an enviro search. This will reveal if there is any known flood risk. If so, more detailed investigations should be conducted.
I opted to have a survey done on a property in Pevensey in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some lenders may not issue a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Pevensey. Conveyancing will be smoother if you use a solicitor in Pevensey especially if they regularly deal with such properties in Pevensey.
I am employed by a busy estate agent office in Pevensey where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Pevensey conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a leasehold flat in Pevensey, conveyancing was carried out 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Pevensey with a long lease are worth £179,000. The ground rent is £65 yearly. The lease finishes on 21st October 2083
You have 57 years unexpired we estimate the premium for your lease extension to range between £26,600 and £30,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
What is the distinction between surveying and conveyancing in Pevensey?
Conveyancing - in Pevensey or elsewhere - is the legal term given to transferring legal title of property from one person to another. It therefore includes the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re buying and will help you find out about the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the vendor to fix the problems before you move in.