We have rather pushy sellers who has suggested a preliminary agreement with a payment 6,000. Are such agreements generally advanced for Colyers conveyancing transactions?

There are a couple of main downsides with signing a lock out agreement (occasionally referred to as a shut-out contract) is that it takes away the focus from moving forward with the conveyancing work, so unless it requires minimal or no negotiation then it could transpire to be unhelpful. It is not promoted amongst Colyers conveyancing practitioners as a result. The other main issue is the extent of the remedies available - a jilted purchaser is extremely unlikely to be issued with an injunction to prohibit the seller disposing of the property to a third party, so the only remedy open via the agreement will be the reimbursement of wasted costs and, in rare scenarios, the additional payment of damages.

I purchased a freehold premises in Colyers but nevertheless charged rent, why is this and what is this?

It is rare for properties in Colyers and has limited impact for conveyancing in Colyers 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.

Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.

I'm buying my first flat in Colyers with the aid of help to buy. The builders would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not reveal to my solicitor about the extras as it will jeopardize my loan with Yorkshire Building Society. Is this normal?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

Over the last few months I have been searching for a flat up to £245,000 and identified one near me in Colyers I like with a park and station nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Colyers in this price bracket, so just wondered if I would be making a grave error buying a short lease?

If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.

I want to let out my leasehold flat in Colyers. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Your lease dictates relations between the freeholder and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Colyers do not prevent subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

I inherited a basement flat in Colyers. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?

Most definitely. We are happy to put you in touch with a Colyers conveyancing firm who can help.

An example of a Lease Extension case for a Colyers flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The unexpired residue of the current lease was 76 years.