The sellers of the property we are looking to purchase have appointed a conveyancing solicitor in Ferryhill who has insisted on a preliminary agreement with a payment 10k. Is it wise to enter into such agreements?

There are a couple of main downsides with signing a lock out agreement (also referred to as a no-shop agreement) is that it takes away the focus from moving forward with the conveyancing process, so unless it requires little or no negotiation then it may transpire to be a cause of frustration and delay. It is not strongly advocated by Ferryhill conveyancing practitioners for this reason. The other main negative is the extent of the remedies available - an aggrieved buyer is not likely to win an injunction to bar the owner disposing of the property to an alternative purchaser, so the only remedy open via the agreement will be the recovery of abortive costs and, in limited circumstances, the extra payment of penalties.

Finally the sale completed on my house in Ferryhill last March but the buyer keeps Skype messaging every few hours to moan that their conveyancer needs to hear from mysolicitor. What should my lawyer have done following completion?

Post completion of your house sale your solicitor is committed to forward the transfer documentation and all of the paperwork to the buyer’s conveyancer. Depending on the transaction, your solicitor must also confirm that the mortgage has been repaid to the buyers conveyancers. There is unlikely to be post completion tasks unique to conveyancing in Ferryhill.

I am buying my first flat in Ferryhill with the aid of help to buy. The developers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not reveal to my lawyer about this side-deal as it would jeopardize my mortgage with Platform Home Loans Ltd. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the builder 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.

My brother has suggested that I appoint his conveyancing solicitors in Ferryhill. Do I follow his recommendation?

No doubt it’s preferable to select a conveyancing practitioner is to have referrals from friends or family who have actually experience in using the conveyancer you're contemplating using.

I am a negotiator for a busy estate agency in Ferryhill where we have experienced a number of flat sales put at risk due to short leases. I have been given conflicting advice from local Ferryhill conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

I invested in buying a split level flat in Ferryhill, conveyancing formalities finalised 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Ferryhill with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2085

You have 61 years unexpired the likely cost is going to span between £19,000 and £22,000 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.