The sellers of the home we are purchasing are using a conveyancing solicitor in Canvey Island who has suggested a exclusivity contract with a non-refundable deposit two thousand pounds. Are such contracts the norm for Canvey Island conveyancing transactions?
There are a couple of primary drawbacks with executing a lock out agreement (also known as a shut-out contract) is that it takes away the focus from moving forward with the conveyancing process, so unless it requires minimal or no negotiation then it could turn out to be a hindrance. It is not promoted by Canvey Island conveyancing lawyers for this reason. A further concern is the extent of the remedies available - an aggrieved buyer is not likely to be issued with an injunctive ruling by a court to stop the owner selling to a third party, so the only remedy available under the agreement will be the reimbursement of wasted charges and, in limited scenarios, the additional payment of penalties.
How does conveyancing in Canvey Island differ for new build properties?
Most buyers of new build property in Canvey Island come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Canvey Island usually 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 conveyancing solicitors 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 Canvey Island or who has acted in the same development.
My husband and I are a couple of weeks into a residential purchase having been referred to solicitors by the high street agent to handle our conveyancing in Canvey Island. I am not happy. Could you help me find new solicitors?
They would need to be really poor to suggest replacing them. Has your loan offer been generated? In the event that it has you need to advise them of the replacement solicitor and get the loan are issued to the new lawyers. Your conveyancer needs to be on the lenders panel to avoid escalating fees and frustration. So that should be your starting point. Our find a solicitor tool should help you find a lender approved solicitor for your home move in Canvey Island
There are only 62 years left on my flat in Canvey Island. I now wish to extend my lease but my landlord is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the lessor. In some cases an enquiry agent would be useful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Canvey Island.
I own a leasehold flat in Canvey Island, conveyancing was carried out December 2010. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Canvey Island with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease comes to an end on 21st October 2082
With 57 years left to run we estimate the premium for your lease extension to span between £28,500 and £33,000 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
18 days into a sale of a flat in Canvey Island. Conveyancing lawyers are doing their job but we have been asked to pay an extortionate amount by the managing agents. So far we have paid £237 for a leasehold management pack and then a further £134.40 for answers to questions supplied by the buyers conveyancing practitioner.
You will not have control over the level of the fee for this information but the average fee for the information for Canvey Island leasehold premises is £355. When it comes to Canvey Island conveyancing deals it is standard for the owner to pay for these charges. The freeholder or their agents are under no legal obligation to answer such questions although many will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Regretfully there is no law that mandates fixed charges for administrative tasks. Neither is there any statutory time frame by which they are required to supply answers.