We have very assertive sellers who has insisted on a exclusivity contract with a down payment 10k. Are such agreements sensible?

There are two main concerns with signing a lock out agreement (occasionally referred to as an exclusivity agreement) is that it takes away the focus from progressing with the conveyancing transaction itself, so unless it requires minimal or no negotiation then it could turn out to be unhelpful. It is not particularly popular amongst Crabtree conveyancing practitioners for this reason. The other main concern is the extent of the remedies available - an aggrieved purchaser is extremely unlikely to be issued with an injunctive ruling by a court to stop the vendor disposing of the property to another buyer, so the only remedy open via the contract will be the recovery of wasted charges and, in limited situations, the additional payment of damages.

I am the registered owner of a freehold residence in Crabtree yet pay rent, why is this and what is this?

It’s unusual for properties in Crabtree and has limited impact for conveyancing in Crabtree 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 extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.

I am selling my flat in Crabtree. Will my have to be required to be on the conveyancing panel in order to deal with paying off my mortgage?

Ordinarily, even if your lawyer is not on the conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.

I purchased a ground floor flat in Crabtree, conveyancing having been completed 1995. Can you work out an approximate cost of a lease extension? Equivalent flats in Crabtree with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 50

With 50 years unexpired we estimate the premium for your lease extension to range between £36,100 and £41,800 as well as legals.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

My wife and I are acquiring a first floor flat in Crabtree. When we first instructed , we were told they were on all mainstream bank panels. Our financial adviser called today to advise that they don't appear to be on the approved list. Were it to be true, what should we do? Do we just pick a different that is on their panel or do we cover the costs for dual representation, with appointing their own preferred .

If you are acquiring a property with the assistance of a mortgage it is usual for the purchaser’s lawyers to also act for the mortgage company. In order to act for a bank or building society a has to be on that lender's list of approved lawyers. An application has to be made by the to the lender to become a member of the lender's panel and there are increasingly strict conditions which the has to meet. Some building societies now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your should contact to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on 's conveyancing panel and you may continue to use your own Crabtree solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another into the equation.