The owners of the house we are hoping to buy have instructed a conveyancing solicitor in Wollaston who has recommended a exclusivity contract with a non-refundable deposit two thousand pounds. Are such agreements sensible?
This kind of preliminary agreement isn't frequently used in Wollaston, conveyancers will often sway clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. Furthermore, there is no assurance that just because the proprietor has signed a lock out contract they will sell to you. They may be inclined to break the contract if they receive a large enough financial inducement to do so because an aggrieved party with the benefit of a exclusivity agreement will still be legally obliged to establish consequential losses from the breach and these may not compare to the financial upside that your seller may gain by reneging on the agreement, no matter how morally unworthy the behaviour is.
It is a dozen years since I acquired my property in Wollaston. Conveyancing lawyers have recently been appointed on the sale but I am unable to find my deeds. Is this a problem?
You need not be too concerned. First there is a possibility that the deeds will be retained by your mortgage company or they may be in the possession of the conveyancers who oversaw the purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining current official copies of the land registers. Most conveyancing in Wollaston relates to registered property but in the unlikely event that your property is unregistered it is more of a problem but is not insurmountable.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would prefer to use a Wollaston based conveyancing firm?
Do check but the chances are that appoint one of their panel conveyancers if you take up the "fee-free" deal. Contact the lender and see if they offer you a monetary alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Wollaston.
I am planning on selling our property in Wollaston and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any local lawyer would know that there is no such problem. It does beg the question why the buyers instructed a web based conveyancing outfit as opposed to a conveyancing solicitor in Wollaston. Having lived in Wollaston for 5 years we know that this is a non issue. Do we get in touch with our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You must enquire of 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 life insurance to cover that same illness)
I have been on the look out for a flat up to £195,000 and found one near me in Wollaston I like with open areas and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Wollaston in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage that many years will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 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 term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Planning to sign contracts shortly on a leasehold property in Wollaston. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Wollaston should include some of the following:
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What options are available to the landlord where you have contravened the provisions of the lease? Your conveyancers should enable you to have an understanding of the insurance provisions Who has the liability to repair and maintain the block. It is important for you to know who is liable for the repair and maintenance of all parts of the block and estate You should be sent a copy of the lease Repair and maintenance of the flat
I invested in buying a ground floor flat in Wollaston, conveyancing was carried out in 1998. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Wollaston with a long lease are worth £211,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2094
With 68 years left to run the likely cost is going to span between £9,500 and £11,000 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 cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. 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 without first seeking the advice of a professional.