When does exchange of contracts happen for sale conveyancing in Ouston and do I need to attend the conveyancers branch?
Where you are in close proximity to one of the conveyancing solicitors in Ouston you are invited in to sign documents. That being said, the law practices we work with provide a nationwide conveyancing service and give just as comprehensive and professional a job for you when dealing with you electronically. The signing of the contract is not the point of no return. Signing on the dotted line is just a prerequisite for the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Ouston)to be in the office available at the end of the phone to exchange contracts.
Are there restrictive covenants that are commonly picked up during conveyancing in Ouston?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Ouston. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing my first flat in Ouston with the aid of help to buy. The builders would not move on the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not inform my conveyancer about this extras as it would jeopardize my loan with the lender. 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.
I am a negotiator for a long established estate agency in Ouston where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Ouston conveyancing firms. Could you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 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 sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 2 bed flat in Ouston, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Ouston with over 90 years remaining are worth £197,000. The ground rent is £55 yearly. The lease terminates on 21st October 2074
With just 55 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. 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 move forward based on this information before getting professional advice.
For various reasons I am unable to be present at my Ouston conveyancing lawyers office to execute documents for conveyancing in Ouston – is this a problem?
You need not be concerned. Ouston conveyancing solicitors can undertake conveyancing transactions for clients who are based anywhere. It is not necessary for you to be able to meet your lawyer in the flesh at a Ouston conveyancers office. They can undertake everything via post, email, telephone and fax.