The owners of the house we are hoping to buy are using a conveyancing solicitor in Summertown who has suggested a exclusivity agreement with a non-refundable deposit 10k. Are such agreements sensible?
There are a couple of primary downsides with entering into any lock out agreement (sometimes referred to as a no-shop agreement) is that it takes away the focus from moving forward with the conveyancing work, 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 Summertown conveyancing lawyers as a result. The other main negative is the extent of the remedies available - an aggrieved buyer should not expect to secure an injunction to prohibit the seller selling to an alternative purchaser, so the only remedy open via the agreement will be the recovery of abortive costs and, in restricted situations, the additional payment of penalties.
The Summertown conveyancing lawyers that I appointed last week on my purchase in Summertown have suddenly shut down. I only went with them because I had to have a firm on the Virgin Money conveyancing panel and my family Summertown lawyer was not. I paid them money on account. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Virgin Money conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
The estate agent has sent us the confirmation of our purchase of a new build flat in Summertown. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Summertown
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There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Summertown is where the house is located. Is there any advice you can impart?
Flying freeholds in Summertown are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Summertown you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Summertown may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am selling my home. My former conveyancers closed down. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Summertown if that makes a difference.
Do use our search tool to help you find a solicitor for your conveyancing in Summertown. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
I own a leasehold flat in Summertown. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Summertown who acted for me is not around. What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. There is no need to instruct a Summertown conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a studio flat in Summertown, conveyancing was carried out 8 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? Comparable flats in Summertown with a long lease are worth £186,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2076
With only 52 years remaining on your lease we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.