The owners of the home we are purchasing have instructed a conveyancing firm in Holt who has recommended a preliminary contract with a non-refundable deposit of 5k. Are such arrangements recommended for Holt conveyancing transactions?

Lock out contracts are contracts binding a property owner and purchaser giving the buyer exclusive rights to the sale of the premises for a limited period of time. For all intents and purposes, an exclusivity agreement is a contract stating that you will receive a contract at a later date being the contract for the actual sale. It tends to be used for buyer assurance though in many situations, the owner may enjoy an upside from such agreements as well. There are numerous pros and cons to using an agreement but you need to check with your solicitor but note that it may end up incurring extra in conveyancing fees. For these reasons these contracts are unusual in relation to conveyancing in Holt.

I am purchasing a garden flat in Holt. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?

Leaving aside the complexities and merits of DIY conveyancing in Holt you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Holt.

I opted to have a survey done on a house in Holt before appointing solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some banks tend refuse to give a loan on such a home.

It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Holt. Conveyancing may be slightly more expensive based on your lender's requirements.

What makes a Holt lease defective?

There is nothing unique about leasehold conveyancing in Holt. All leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

Clauses dealing with recovering service charges for expenditure on the building or common parts.

You could 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. Birmingham Midshires, The Royal Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

I own a leasehold flat in Holt, conveyancing having been completed half a dozen 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? Corresponding flats in Holt with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease terminates on 21st October 2078

With 53 years left to run the likely cost is going to span between £27,600 and £31,800 plus legals.

The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional 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 based on this information before getting professional advice.

How varied are the property related services that Holt conveyancing firms provide?

Almost all Holt conveyancing practices tend to offer a wide array of services to home and land proprietors, vendors, investors, landlords and tenants helping outwith some of the following:

Standard residential sale conveyancing in Holt or beyond Home purchase conveyancing in Holt and further afield Holt conveyancing for Buying off mortgagees in possession in and outside of Holt Option and Exclusivity Agreements Conveyancing relating to newly converted buildings Acquisition of council property under the Right to Buy Scheme