The owners of the house we are looking to purchase hired a conveyancing solicitor in Summertown and Botley who has insisted on a preliminary agreement with a payment 10k. Is it wise to enter into such agreements?
This kind of arrangement isn't frequently used in Summertown and Botley, conveyancers are not keen on them as they divert attention from the primary focus, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. Secondly, there is no assurance that just because the vendor has executed an exclusivity agreement they will sell to you. They may be in contravention of the contract if they are offered sufficient incentive to do so because an aggrieved claimant with the benefit of a exclusivity agreement will still be obliged show losses as a consequence of the breach and these may not equate the extra amount that the owner may secure by breaching the contract, no matter how morally reprehensible that may be.
is it true that all Summertown and Botley conveyancing solicitors on the Aldermore conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Aldermore approved list of solicitors they would need to be regulated by the SRA. Many mortgage companies do permit licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
We had appointed conveyancers located in Summertown and Botley on the Kent Reliance solicitor panel. They have just invoiced me a supplemental sum for handling the Kent Reliance mortgage. Is this a supplemental conveyancing fee specified by Kent Reliance?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer can levy a fee for this. This fee is not set by Kent Reliance but by your Summertown and Botley lawyer. Plenty of firms on the Kent Reliance panel will charge an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
I have decided to exercise my right to buy my property in Summertown and Botley off the council. I have a mortgage offer with HSBC. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
I got the keys to my house on 13 August and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Summertown and Botley said it will be formalised inside ten days. Are titles in Summertown and Botley uniquely lengthy to register?
There is nothing unique about conveyancing in Summertown and Botley registration formalities. Rather than based on location, timescales can differ subject to the party submitting the application, whether it is in order and if the Land registry must send notices to any third persons or bodies. Currently in the region of three quarters of such applications are completed in less than three weeks but some can be subject to protracted hold-ups. Registration is effected after the purchaser has moved in to the premises therefore registration formalities is not typically top priority but where there is a degree of urgency associated with the registration then you or your conveyancer could speak with the land registry and explain the circumstances.
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Summertown and Botley I like with a park and railway links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Summertown and Botley for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan that many years will be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I was recommended by a few property agents in Summertown and Botley to choose a conveyancer on your site. Is there a financial inducement for Estate Agents to market your lawyers ahead of a competitor’s?
We don’t offer any referral fee for directing people to this site. We thought it would be too underhand a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
In relation to leasehold conveyancing in Summertown and Botley what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Summertown and Botley. Most leases are drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Barnsley Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I invested in buying a ground floor flat in Summertown and Botley, conveyancing formalities finalised March 2002. How much will my lease extension cost? Comparable properties in Summertown and Botley with an extended lease are worth £216,000. The ground rent is £50 yearly. The lease ends on 21st October 2094
With only 69 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.