The owners have very brash vendors who has suggested a exclusivity agreement with a payment of 5k. Is it wise to enter into such agreements?
This kind of contract is unusual in Gwersyllt, conveyancers are often found to veer clients away from them as they detract from the main conveyancing focus and if you end up losing your deposit then the lawyer is left exposed. Secondly, there is no assurance that just because the vendor has executed a lock out contract they will complete the sale with you. They may breach the agreement if they receive a big enough financial inducement to do so because an aggrieved buyer with the benefit of a exclusivitycontract will still have to establish consequential losses from the breach and these may not amount to the financial upside that the owner may secure by breaking the agreement, no matter how morally unworthy that may be.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Gwersyllt. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 13/4/2019, the requirements read as follows :
I have been told that property searches are the primary cause of hinderance in Gwersyllt house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Gwersyllt.
I work for a reputable estate agency in Gwersyllt where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Gwersyllt conveyancing firms. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 am the registered owner of a 1 bedroom flat in Gwersyllt, conveyancing formalities finalised September 2009. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Gwersyllt with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2084
With only 65 years remaining on your lease the likely cost is going to span between £13,300 and £15,400 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
At what point do I pay the Stamp Duty Land Tax chargeable for my house transaction in Gwersyllt?
Most lawyers will complete a Land Transaction Return Form for you as part of your Gwersyllt conveyancing transaction for you to sign. After completion your solicitor will submit your STL application to the Tax Authorities and - assuming they have the money - settle any Stamp Duty payable on your behalf.