The vendors of the house we are purchasing are using a conveyancing firm in Ilfracombe who has insisted on a exclusivity agreement with a payment 6,000. Is it wise to enter into such agreements?

There are a couple of main drawbacks with entering into any lock out contract (sometimes termed an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing work, so in the absence of it needing minimal or no negotiation then it may transpire to be a hindrance. It is not particularly popular amongst Ilfracombe conveyancing lawyers for this reason. The other main issue is the extent of the remedies available - a jilted purchaser should not expect to be granted an injunctive ruling by a court to stop the owner selling to another buyer, so the only remedy available under the contract will be the recovery of wasted charges and, in restricted circumstances, the extra payment of damages.

Do the Building Society Association intend to launch a search tool with a view to to identify practices on the Earl Shilton BS conveyancing panel for instance in Ilfracombe?

We would not expect to be advised of any plans on the part of the BSA to promote such a register.

How does conveyancing in Ilfracombe differ for newly converted properties?

Most buyers of new build premises in Ilfracombe contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Ilfracombe typically 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 conveyancing solicitors 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 Ilfracombe or who has acted in the same development.

Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Ilfracombe is where the house is located. Can you offer any opinion?

Flying freeholds in Ilfracombe are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ilfracombe you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ilfracombe may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

Can you provide any top tips for leasehold conveyancing in Ilfracombe with the aim of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Ilfracombe can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers’ lawyers.
If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing. Some Ilfracombe leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. The majority of landlords or managing agents in Ilfracombe levy fees for supplying management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Ilfracombe.

I bought a garden flat in Ilfracombe, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Ilfracombe with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ceases on 21st October 2078

You have 53 years unexpired we estimate the price of your lease extension to be between £27,600 and £31,800 as well as legals.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.