The owners have very pushy vendors who has suggested a preliminary agreement with a deposit 6,000. Are such agreements sensible?
Lock out agreements are contracts binding a property vendor and prospective acquirer giving the buyer a ‘clear field’ to the sale of the premises for a certain period of time. Essentially, a lock out agreement is a contract specifying that you should have a contract at a later date being the main conveyancing contract. It tends to be utilised for buyer confidence though in some cases, the owner may enjoy an upside from such agreements as well. There are many pros and cons to using an agreement but you should to check with your conveyancer but note that it may result in costing you extra in conveyancing fees. For this these contracts are unusual in relation to conveyancing in Clifton.
Will lawyers request money up-front for conveyancing in Clifton?
Where you are retaining lawyers for conveyancing in Clifton your solicitor will ask you to provide them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the sale price then this should be needed immediately ahead of exchange of contracts. Any further balance that is due should be sent to your lawyer a couple of days prior to the day of completion.
I am buying a new build flat in Clifton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Clifton
Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I opted to have a survey carried out on a property in Clifton ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. If you contact us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Clifton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Clifton to see if the conveyancing will be more expensive.
I am in need of some leasehold conveyancing in Clifton. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Clifton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a leasehold flat in Clifton, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Clifton with an extended lease are worth £201,000. The ground rent is £45 yearly. The lease ends on 21st October 2082
With only 64 years left to run the likely cost is going to be between £15,200 and £17,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.