The vendors of the house we are purchasing have instructed a conveyancing practitioner in Poundbury who has recommended a preliminary agreement with a non-refundable deposit of 5k. Are such agreements sensible?
Exclusivity agreements are agreements between a home owner and purchaser giving the buyer a ‘clear field’ to purchase the property within an agreed time frame. For all intents and purposes, an exclusivity agreement is a contract specifying that you should receive a contract at a later date which is the contract for the actual sale. It tends to be used for buyer confidence though in some cases, the vendor may enjoy an upside from such agreements as well. There are numerous positives and negatives to using an agreement but you should to check with your conveyancer but beware that it may result in costing you more in conveyancing fees. For this these agreements are rare in relation to conveyancing in Poundbury.
I have todayfound out that Action Conveyancing have closed. They conducted my conveyancing in Poundbury for a purchase of a leasehold apartment 9 months ago. How can I check that my home is not still registered in the name of the previous owner?
The easiest method to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Poundbury conveyancing specialists.
I am looking into buying my first house which is in Poundbury and I am already nervous. I couldn't find anything specific about Poundbury. Conveyancing will be needed in due course but do you know about the Poundbury area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Poundbury. In the meantime here are some basic statistics that we found
My husband and I are new to the buying process - had an offer accepted, but the agent informed us that the owners will only proceed if we instruct the agent's preferred conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a family conveyancer who is familiar with conveyancing in Poundbury
It is highly unlikely the vendors are driving this. If they want ‘a quick sale', taking such a hostile approach to a serious purchaser is not the way to achieve this. Bypass the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you will continue to appoint your preferred Poundbury conveyancing lawyers - not the ones that will provide their estate agent a introducer fee or hit his conveyancing figures set by HQ.
I own a leasehold flat in Poundbury. Conveyancing and Halifax mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Poundbury who previously acted has now retired. Any advice?
First contact the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Poundbury conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a 1 bedroom flat in Poundbury, conveyancing having been completed in 1997. Can you work out an approximate cost of a lease extension? Corresponding properties in Poundbury with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2082
With just 63 years left to run we estimate the price of your lease extension to range between £16,200 and £18,600 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.