The owners of the home we are purchasing are using a conveyancing practitioner in East Oxford who has recommended a lock out agreement with a deposit of 5k. Are such agreements sensible?

This type of arrangement isn't common in East Oxford, conveyancers are not keen on them as they divert attention from the main conveyancing focus and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no assurance that just because the vendor has entered into a lock out contract they will complete the sale with you. They may be tempted to break the contract if they are offered a big enough offer to do so because a wronged purchaser with the benefit of a lockoutcontract will still have to show losses as a consequence of the breach and these may not equalise the extra amount that your seller may obtain by breaching the agreement, no matter how morally condemnable the behaviour is.

We're in East Oxford, FTBs purchasing with a mortgage (lender is Virgin Money , and our solicitor is on the Virgin Money conveyancing panel). How long should the conveyancing process take?

The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.

How does conveyancing in East Oxford differ for newly converted properties?

Most buyers of new build residence in East Oxford approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in East Oxford usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in East Oxford or who has acted in the same development.

I opted to have a survey done on a property in East Oxford prior to appointing conveyancers. I have been advised that there is a flying freehold element to the house. My surveyor advised that some banks will not give a loan on such a house.

It varies from the lender to lender. HSBC has different instructions from Halifax. If you contact us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in East Oxford. Conveyancing will be smoother if you use a solicitor in East Oxford especially if they are acquainted with such properties in East Oxford.

What makes a East Oxford lease unacceptable for security purposes?

Leasehold conveyancing in East Oxford is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

A provision for the recovery of money spent for the benefit of another party. Service charge per centages that don't add up correctly leaving a shortfall

You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

I bought a ground floor flat in East Oxford, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in East Oxford with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2077

With only 52 years unexpired the likely cost is going to be between £29,500 and £34,000 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed 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 based on this information without first seeking the advice of a professional.