The vendors of the house we are purchasing hired a conveyancing solicitor in Prenton who has suggested a exclusivity contract with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
There are two main downsides with executing a lock out contract (sometimes known as a shut-out contract) is that it takes away the focus from making progress with the conveyancing process, so unless it requires minimal or no negotiation then it could transpire to be a cause of frustration and delay. It is not strongly advocated by Prenton conveyancing practitioners for this reason. The other main concern is the extent of the remedies available - an aggrieved purchaser should not expect to be issued with an injunctive ruling by a court to stop the seller disposing of the property to a third party, so the only remedy open via the contract will be the reimbursement of wasted costs and, in limited situations, the extra payment of penalties.
I am intent on selling our home in Prenton and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers instructed a nationwide conveyancing firm rather than a conveyancing solicitor in Prenton. We have lived in Prenton for six years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
How does conveyancing in Prenton differ for new build properties?
Most buyers of new build residence in Prenton come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Prenton usually buy the land, 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 conveyancers 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 used to new build conveyancing in Prenton or who has acted in the same development.
I am looking for a flat up to £195,000 and found one round the corner in Prenton I like with open areas and station nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Prenton suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Taking into account that I will soon part with hundreds of thousands of pounds on a garden flat in Prenton I would like to have a conversation with the solicitor regarding theconveyancing in advance of instructing the firm. Is this something that you can arrange?
Absolutely - we would be pleased to talk to you we do not take any clients on without you speaking to the lawyer due to be doing your conveyancing in Prenton.There is no ‘factory style conveyancing’ - every client is an important person, not a case reference. The law firms that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Prenton should be the figure that you are charged.
Can you offer any advice when it comes to finding a Prenton conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Prenton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Prenton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:
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How experienced is the practice with lease extension legislation? If the firm is not ALEP accredited then what is the reason?
Prenton Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
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What is the length of the lease? Most Prenton leasehold properties will incur a service charge for the upkeep of the building invoiced on behalf of the landlord. Where you buy the flat you will have to meet this amount, usually quarterly throughout the year. This may differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a ground rent for you to pay annual, this is usually not a large sum, say approximately £25-£75 but you need to enquire as on occasion it can be many hundreds of pounds. Is anyone aware of any major works in the planning that could add a premium to the maintenance charges?