The owners of the property we are purchasing have appointed a conveyancing firm in West Dean who has suggested a preliminary agreement with a non-refundable deposit two thousand pounds. Are such arrangements generally advanced for West Dean conveyancing transactions?
Lock out agreements are agreements binding a home seller and prospective acquirer granting the buyer the sole right to the sale of the property for a set period of time. Essentially, a lock out is a document specifying that you will be issued with a contract at a later date being the main conveyancing contract. It tends to be utilised for buyer confidence though in many situations, the proprietor may enjoy an upside from such agreements as well. There are many positives and negatives to having an agreement but you should to check with your conveyancer but note that it may end up costing you more in conveyancing fees. For these reasons these contracts are rare when it comes to conveyancing in West Dean.
Do banks and building societies provide you with an approved list of West Dean conveyancing solicitors? How do you know who is on the TSB conveyancing panel?
West Dean conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
Will commercial conveyancing searches disclose impending roadworks that could impact a commercial estate in West Dean?
Many commercial conveyancing solicitors in West Dean will order a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in West Dean. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in West Dean.
For each commercial conveyancing transaction in West Dean it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may cause delays to West Dean commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for domestic conveyancing in West Dean.
Just had an offer accepted on a new build apartment in West Dean. 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.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in West Dean
-
Please confirm the Lease plans are surveyor prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I opted to have a survey completed on a property in West Dean before instructing lawyers. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some lenders may not grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in West Dean. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in West Dean to see if the conveyancing costs will increase in light of this.
I am attracted to a couple of flats in West Dean both have approximately 50 years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in West Dean is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with West Dean conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a split level flat in West Dean, conveyancing was carried out September 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in West Dean with over 90 years remaining are worth £180,000. The ground rent is £65 yearly. The lease runs out on 21st October 2084
You have 59 years unexpired we estimate the price of your lease extension to span between £20,900 and £24,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.