We have rather brash vendors who has insisted on a exclusivity agreement with a payment of 5k. Is it wise to enter into such agreements?
This kind of arrangement is unusual in Stoke Poges, 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. Furthermore, there is no guarantee that just because the owner has executed an exclusivity agreement they will complete the sale with you. They may be tempted to break the contract if they receive sufficient financial inducement to do so because a wronged party with the benefit of a lockoutcontract will still be legally obliged to establish consequential losses from the breach and these may not equate the extra amount that the owner may gain by reneging on the contract, no matter how morally unworthy the behaviour is.
I am the registered owner of a freehold premises in Stoke Poges but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Stoke Poges and has limited impact for conveyancing in Stoke Poges but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
About to purchase a new build flat in Stoke Poges. Conveyancing is daunting 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.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Stoke Poges
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
In what way does the Landlord & Tenant Act 1954 impact my commercial property in Stoke Poges and how can you help?
The particular law that you refer to gives protection to business leaseholders, giving them the legal entitlement to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act for protection and help with commercial conveyancing in Stoke Poges
I am employed by a busy estate agency in Stoke Poges where we have experienced a few flat sales put at risk as a result of short leases. I have received contradictory information from local Stoke Poges conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 buyer.
Stoke Poges Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
Who takes responsibility for maintaining and repairing the building? Are there any major works in the near future that will increase the maintenance charges? Be sure to find out if the the lease includes any onerous restrictions in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Stoke Poges. If you love the flatin Stoke Poges yet your cat can’t move with you then you will be faced difficult determination.