The sellers of the property we are looking to purchase have instructed a conveyancing solicitor in Chinnor who has suggested a preliminary agreement with a non-refundable deposit 6,000. Are such agreements sensible?
Lock out agreements are contracts binding a home seller and purchaser giving the buyer the sole right to the sale of the property for a certain period of time. For all intents and purposes, an exclusivity agreement is a contract stating that you should receive a contract at a later time which is the contract for the actual sale. It is generally utilised for buyer assurance though in many situations, the proprietor may enjoy an upside from such agreements as well. There are numerous pros and cons to using them but you need to check with your lawyer but beware that it may result in costing you extra in conveyancing fees. For this these contracts are avoided in relation to conveyancing in Chinnor.
I own a freehold residence in Chinnor yet invoiced for rent, why is this and what is this?
It is rare for properties in Chinnor and has limited impact for conveyancing in Chinnor 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Forgive me if this question is silly but I am unexperienced as FTB of a garden flat in Chinnor. Do I receive the keys to the property on completion from my lawyer? If so, I will use a local conveyancing solicitor in Chinnor?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the seller's conveyancers, and shortly after the monies have arrived, you should be invited to pick up the keys from the Estate Agents and start moving into the property. Usually this happens between 1 and 3pm.
How can we tell if a Chinnor conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Chinnor getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor handling your transaction.
RBS have agreed my home loan in principle, my offer on a house in Chinnor has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure the conveyancing practitioners are on the bank’s approved list). Contact RBS or the financial adviser and finalise any relevant paperwork. RBS will instruct a valuer who will get in contact with the selling agent or seller to book a time for the valuation to take place. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. RBS will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Chinnor.
2 months have elapsed following my purchase conveyancing in Chinnor took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. 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 property 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £425,000 flat in Chinnor next week. The management company has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Chinnor?
Chinnor conveyancing on leasehold maisonettes normally necessitates the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to address such questions most will be willing to do so. They are entitled to charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded should you wish to sell the property.
I own a garden flat in Chinnor, conveyancing having been completed in 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Chinnor with over 90 years remaining are worth £190,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2080
With just 62 years left to run we estimate the premium for your lease extension to range between £17,100 and £19,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.