The owners have rather assertive sellers who has recommended a exclusivity agreement with a down payment of 5k. Is it wise to enter into such agreements?
This form of preliminary agreement is unusual in Powys, conveyancers are not keen on them as they divert attention from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the vendor has entered into an exclusivity agreement they will complete the sale with you. They may be inclined to break the contract if they are offered a big enough incentive to do so because a wronged buyer with the benefit of a exclusivity agreement will still have to establish consequential losses from the breach and this may not equalise the financial upside that your vendor may obtain by breaking the contract, no matter how morally shameful that may be.
I have 70 years left on my lease and require a lease extension for my apartment in Powys. Conveyancing solicitors on the Chelsea Building Society panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 6/2/2019 the requirements read as follows :
Despite weeks of looking the Title Certificate and documents to our property can not be found. The lawyers who dealt with the conveyancing in Powys 4 years ago are no longer around. Will I be able to sell the house?
Nowadays there are duplicates made of almost everything, and your lawyer should know exactly where to look for all the suitable paperwork so you can buy or sell your property without a hitch. If duplicates are not available, your lawyer may be able to arrange cover in the form of insurance or indemnities protecting you against future claims on the property.
I am buying a new build flat in Powys. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Powys
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are architect prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I have been on the look out for a ground for flat up to £305k and found one round the corner in Powys I like with open areas and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Powys for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.