We have very assertive sellers who has insisted on a preliminary agreement with a non-refundable deposit of 5k. Are such contracts generally advanced for Taverham conveyancing transactions?
There are a couple of main drawbacks with signing a lock out contract (occasionally known as a shut-out contract) is that it diverts attention away from moving forward with the conveyancing process, so unless it requires minimal or no negotiation then it could transpire to be unhelpful. It is not strongly advocated amongst Taverham conveyancing practitioners as a result. The other main negative is the extent of the remedies available - an aggrieved buyer should not expect to be granted an injunctive ruling by a court to prohibit the seller completing the sale to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of wasted costs and, in restricted scenarios, the extra payment of penalties.
Can you explain why leasehold purchase conveyancing in Taverham is more expensive?
In summary, leasehold conveyancing in Taverham and elsewhere usually requires more due diligence compared to freehold transactions. This includes reviewing the lease, liaising with the landlord about the service of required notices, obtaining current service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I am buying a flat and require a conveyancing solicitor in Taverham who is on the Bank of Scotland solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Scotland in certain locations such as Taverham. We dont recommend any particular firm.
My brother has encouraged me to appoint his conveyancing solicitors in Taverham. Should I find my own solicitor?
There are no two ways about it the best way to select a conveyancing practitioner is to seek guidance from friends or relatives who have used the conveyancer that you are contemplating using.
Can you provide any advice for leasehold conveyancing in Taverham with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Taverham can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers’ solicitors. You believe that you know the number of years left on your lease but it would be wise to double-check by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Some Taverham leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Arranging a replacement share certificate can be a lengthy formality and slows down many a Taverham conveyancing deal. Where a duplicate share certificate is necessary, you should approach the company officers or managing agents (if applicable) for this sooner rather than later. If you have had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unsettled.
I own a studio flat in Taverham, conveyancing was carried out March 1996. 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? Comparable properties in Taverham with an extended lease are worth £180,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2077
With just 59 years unexpired we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do 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 move forward placing reliance on this information without first getting professional advice.