The owners of the house we are hoping to buy have instructed a conveyancing practitioner in Brondesbury who has insisted on a preliminary contract with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
Exclusivity contracts are contracts binding a property vendor and prospective buyer giving the buyer the sole right to the sale of the premises for a certain period of time. For all intents and purposes, a lock out agreement is a contract stating that you will receive a contract at a later date which is the main conveyancing contract. It tends to be used for buyer confidence though in some cases, the proprietor may stand to benefit from such agreements as well. There are various pros and cons to having an agreement but you should to check with your solicitor but beware that it may end up costing you extra in conveyancing fees. In light of this these contracts are avoided when it comes to conveyancing in Brondesbury.
I own a freehold premises in Brondesbury but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Brondesbury and has limited impact for conveyancing in Brondesbury but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
My apartment in Brondesbury is up for sale and I have a purchaser. Will my solicitor have to be on the Leeds Building Society conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
What does commercial conveyancing in Brondesbury cover?
Brondesbury conveyancing for business premises incorporates a wide array of services, supplied by regulated solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
What advice can you give us when it comes to finding a Brondesbury conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Brondesbury conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Brondesbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
Can they put you in touch with clients in Brondesbury who can give a testimonial? What are the legal fees for lease extension work?
Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Brondesbury. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to calculate the premium.
An example of a Lease Extension decision for a Brondesbury flat is 50a Cavendish Road in April 2014. The Tribunal determines that the premium payable by the Applicant in respect of the extension of the lease for the flat was £82,319. This case related to 1 flat. The remaining number of years on the lease was 49.26 years.