The owners have very pushy sellers who has suggested a lock out agreement with a payment of 5k. Is it wise to enter into such agreements?

Exclusivity contracts are agreements between a property vendor and prospective buyer granting the buyer exclusive rights to purchase the premises for a set period of time. For all intents and purposes, a lock out agreement is a contract stating that you should be issued with a contract at a later date which is the main conveyancing contract. It tends to be utilised for buyer protection though in some cases, the owner may stand to benefit from such agreements as well. There are various positives and negatives to using an agreement but you need to check with your solicitor but beware that it may end up incurring more in conveyancing charges. For this these contracts are unusual in relation to conveyancing in Chelmsley Wood.

Various web forums that I have frequented warn that are the main reason for obstruction in Chelmsley Wood house deals. Is that correct?

The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Chelmsley Wood.

I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, chain free conveyancing. Chelmsley Wood is the location of the property. Can you offer any advice?

Flying freeholds in Chelmsley Wood are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chelmsley Wood you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chelmsley Wood may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.

My father has recommend that I appoint his conveyancers in Chelmsley Wood. Should I use them?

No doubt it’s preferable to select a conveyancing practitioner is to get guidance from friends or relatives who have previously instructed the conveyancer you're are thinking of instructing.

I am tempted by the attractive purchase price for a couple of flats in Chelmsley Wood which have about 50 years left on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Chelmsley Wood is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. 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 premises 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 a residence 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 Chelmsley Wood 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 own a ground floor flat in Chelmsley Wood, conveyancing formalities finalised May 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Chelmsley Wood with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2078

With just 53 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 as well as professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.