The owners have very assertive vendors who has insisted on a preliminary contract with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
This type of arrangement is not the norm in Shropshire, conveyancers are often inclined to direct clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. Secondly, there is no assurance that just because the seller has signed an exclusivity contract they will complete the sale with you. They may breach the contract if they are offered a big enough incentive to do so because an aggrieved claimant with the benefit of a lockoutcontract will still be obliged show losses as a consequence of the breach and these may not amount to the financial upside that your vendor may obtain by breaching the agreement, no matter how morally condemnable that may be.
We're in Shropshire, First time buyers purchasing with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
A friend suggested that if I am purchasing in Shropshire I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Shropshire conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Shropshire around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Shropshire Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Shropshire Education with maps and statistics, Local Amenities and other useful information about Shropshire.
It has been five months following my purchase conveyancing in Shropshire took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
My husband and I are FTB’s - had an offer accepted, yet the agent has warned us that the seller will only proceed if we appoint the agent's recommended solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a local conveyancer accustomed to conveyancing in Shropshire
We suspect that the owner is unaware of this ultimatum. Should the seller want ‘a quick sale', turning down a genuine purchaser is likely to cause more damage than good. Speak to the owners direct and make sure they comprehend that (a)you are genuine purchasers (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you intend to use your own,trusted Shropshire conveyancing lawyers - rather thanthe ones that will give their estate agent a introducer fee or achieve conveyancing figures pre-set by corporate headquarters.
What advice can you give us when it comes to finding a Shropshire conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Shropshire conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Shropshire conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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Can they put you in touch with clients in Shropshire who can give a testimonial?
I acquired a studio flat in Shropshire, conveyancing having been completed in 2012. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Shropshire with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2087
With just 62 years left to run we estimate the premium for your lease extension to range between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. 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 move forward placing reliance on this information without first getting professional advice.