The owners of the house we are hoping to buy have instructed a conveyancing firm in Rhiwbina who has suggested a preliminary agreement with a payment of 5k. Are such agreements sensible?
Exclusivity agreements are contracts binding a property vendor and purchaser granting the buyer the sole right to the sale of the property within an agreed time frame. For all intents and purposes, a lock out agreement is a contract specifying that you will receive a contract at a later date which is the main conveyancing contract. It tends to be utilised for buyer protection though in some cases, the proprietor may enjoy an upside from such agreements as well. There are various pros and cons to using them but you need to check with your lawyer but note that it may end up incurring more in conveyancing fees. In light of this these agreements are avoided in relation to conveyancing in Rhiwbina.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Rhiwbina is the location of the property. Is there any advice you can give?
Flying freeholds in Rhiwbina are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rhiwbina you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rhiwbina may decide 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.
My step-father has recommend that I use his lawyers for conveyancing in Rhiwbina. Should I use them?
No doubt it’s preferable to select a conveyancing practitioner is to get recommendations from friends or relatives who have experience in using the conveyancer you're are thinking of instructing.
I am a negotiator for a reputable estate agency in Rhiwbina where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Rhiwbina conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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 bought a 1 bedroom flat in Rhiwbina, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Rhiwbina with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ends on 21st October 2080
With 61 years left to run we estimate the price of your lease extension to range between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
What should I expect to pay for conveyancing in Rhiwbina?
Almost all Rhiwbina conveyancing solicitors will charge a standard fee. If extra work become due during the conveyancing your solicitor is duty bound to inform you in writing of any supplemental costs for such work as soon as it becomes obvious. Some organisations may agree not to render an invoice if a transaction does not go ahead, others will levy an bill for a percentage of the set charges, calculated based on the stage at which the conveyancing does not proceed.
It is advisable to seek two or three conveyancers to supply you a quotation.