The vendors of the home we are looking to purchase have instructed a conveyancing practitioner in Dorridge who has recommended a exclusivity agreement with a down payment two thousand pounds. Is it wise to enter into such agreements?
There are a couple of main concerns with entering into any lock out contract (sometimes referred to as an exclusivity agreement) is that it takes away the focus from making progress with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it may transpire to be unhelpful. It is not promoted by Dorridge conveyancing practitioners for this reason. A further concern is the extent of the remedies available - a jilted buyer should not expect to obtain injunctive relief to prevent the vendor selling to a third party, so the only remedy open via the contract will be the reimbursement of abortive charges and, in restricted scenarios, the additional payment of damages.
Are there restrictive covenants that are commonly picked up during conveyancing in Dorridge?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Dorridge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a ground for flat up to £245,000 and found one near me in Dorridge I like with open areas and station nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Dorridge in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I'm remortgaging my primary house to a buy to let loan with TSB and intend to use the remaining equity as a down payment on another house. The area we are interested in is Dorridge. Will your lawyers be able to act for the two mortgage companies and tie in the two deals?
Make use of our comparison tool on this page to ensure that the lawyers are on the relevant lender panels. On the basis that they are your solicitor will be able to tie up the two conveyancing matters but you should have a chat with you lawyer and communicate your expectations and needs.
I am tempted by the attractive purchase price for a couple of apartments in Dorridge which have about forty five years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.
I bought a leasehold flat in Dorridge, conveyancing formalities finalised in 1995. How much will my lease extension cost? Similar flats in Dorridge with over 90 years remaining are worth £265,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2095
With 76 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.