We have very brash sellers who has suggested a lock out contract with a deposit two thousand pounds. Are such agreements sensible?
There are a couple of primary concerns with entering into any lock out agreement (sometimes referred to as an exclusivity agreement) is that it diverts attention away from progressing with the conveyancing transaction itself, so unless it requires little or no negotiation then it could transpire to be unhelpful. It is not particularly popular amongst Bryn Y Baal conveyancing lawyers as a result. A further issue is the extent of the remedies available - an aggrieved buyer should not expect to be granted an injunctive ruling by a court to stop the owner disposing of the property to another buyer, so the only remedy available under the contract will be the reimbursement of wasted costs and, in restricted scenarios, the additional payment of penalties.
My grandmother passed away six months ago and as sole heir and executor I was left the property in Bryn Y Baal. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this allowed?
Where you plan to refinance then HSBC will require that you use a conveyancer on the HSBC conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your HSBC conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the HSBC mortgage is registered as a charge at the Land Registry.
2 months have elapsed since my purchase conveyancing in Bryn Y Baal concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Bryn Y Baal differ for newly converted properties?
Most buyers of new build or newly converted property in Bryn Y Baal approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because developers in Bryn Y Baal typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bryn Y Baal or who has acted in the same development.
What are your top tips when it comes to choosing a Bryn Y Baal conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Bryn Y Baal conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Bryn Y Baal conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
If they are not ALEP accredited then why not?
I am the registered owner of a garden flat in Bryn Y Baal, conveyancing formalities finalised in 1998. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Bryn Y Baal with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2083
With just 62 years remaining on your lease we estimate the premium for your lease extension to span between £17,100 and £19,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.