The vendors of the home we are hoping to buy have appointed a conveyancing solicitor in Saltburn By The Sea who has suggested a preliminary agreement with a down payment two thousand pounds. Are such agreements sensible?

Lock out contracts are agreements binding a property vendor and prospective buyer giving the buyer exclusive rights to purchase the premises for a set period of time. For all intents and purposes, a lock out agreement is a contract stating that you will be issued with a contract at a later date which is the main conveyancing contract. It tends to be utilised for buyer assurance though in many situations, the proprietor may enjoy an upside from such agreements as well. There are many positives and negatives to using an agreement but you need to check with your conveyancer but beware that it may end up incurring more in conveyancing fees. In light of this these contracts are rare in relation to conveyancing in Saltburn By The Sea.

Should commercial conveyancing searches reveal proposed roadworks that could impact a commercial land in Saltburn By The Sea?

Its becoming the norm that commercial conveyancing solicitors in Saltburn By The Sea will execute a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Saltburn By The Sea. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Saltburn By The Sea.

For every commercial conveyancing transaction in Saltburn By The Sea it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can result in delays to Saltburn By The Sea commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Saltburn By The Sea.

I have been pointed in your direction by numerous property agents in Saltburn By The Sea to find a property lawyer on your site. What’s the financial advantage for Estate Agents to promote your site ahead of another?

We refuse to make any commission for directing people our way. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.

I am looking at a couple of apartments in Saltburn By The Sea which have in the region of forty five years unexpired on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Saltburn By The Sea is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Saltburn By The Sea conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I bought a 1 bedroom flat in Saltburn By The Sea, conveyancing formalities finalised September 2002. How much will my lease extension cost? Similar flats in Saltburn By The Sea with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease finishes on 21st October 2094

With just 70 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

How and when do I incur the Stamp Duty Land Tax chargeable for my conveyancing in Saltburn By The Sea?

The majority of property lawyers tend to fill out a Land Transaction Return Form on your behalf as part of your Saltburn By The Sea purchase transaction for signature. After completion your conveyancer will submit your STL Return Form to the Tax Authorities and - assuming they have the funds - discharge any land tax due on your behalf.