The owners have very pushy sellers who has insisted on a exclusivity agreement with a down payment 10k. Are such agreements sensible?
This form of arrangement is unusual in Southsea, conveyancers will often direct clients away from them as they detract from the main conveyancing focus and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no certainty that just because the proprietor has signed an exclusivity contract they will sell to you. They may be in contravention of the agreement if they are offered a big enough offer to do so because an aggrieved purchaser with the benefit of a lockout agreement will still have to show losses as a consequence of the breach and this may not amount to the financial upside that your seller may secure by breaking the contract, however morally condemnable it undoubtedly is.
Please explain the implications if my lawyer’s firm is removed from the Kent Reliance Solicitor panel ahead of completing my conveyancing in Southsea?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My husband and I are novice buyers - had an offer accepted, yet the estate agent informed us that the owners will only move forward if we appoint their preferred conveyancers as they want a ‘quick sale’. We would rather use a local conveyancer used to conveyancing in Southsea
It is improbable the sellers are behind this. Should the seller want ‘a quick sale', alienating a genuine purchaser is counter productive. Contact the sellers directly and explain that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you intend to use your own,trusted Southsea conveyancing firm - as opposed tothose that will provide the estate agent a commission or hit his conveyancing targets set by senior management.
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Southsea. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Southsea ?
The majority of houses in Southsea are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Southsea so you should seriously consider shopping around for a Southsea conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will advise you fully on all the issues.
I acquired a studio flat in Southsea, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Southsea with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2071
With just 52 years remaining on your lease we estimate the price of your lease extension to span between £29,500 and £34,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
My fiance is purchasing a shared ownership flat in Southsea. He has received an estimate by the solicitor connected to the selling agents totaling £1385 . It was ten years ago I sold and bought a property and it cost was £450. Have fees really escalated to that extent?
We would recommend that you visit 3 or 4 local Southsea conveyancing firms seeking prices. It is advisable to base your choice not just on cost, but on promptness and on how comprehensive the reply is.