The vendors of the home we are hoping to buy have appointed a conveyancing practitioner in The Ridgeway who has recommended a lock out contract with a down payment 10k. Are such arrangements generally advanced for The Ridgeway conveyancing transactions?

Lock out contracts are contracts binding a property owner and prospective acquirer giving the buyer exclusive rights to the sale of the premises within an agreed time frame. For all intents and purposes, an exclusivity is a document specifying that you will receive a contract at a later date being the contract for the actual sale. It tends to be used for buyer protection though in some cases, the owner may stand to benefit from such agreements as well. There are numerous pros and cons to using an agreement but you need to check with your lawyer but beware that it may result in costing you extra in conveyancing fees. For this these agreements are unusual when it comes to conveyancing in The Ridgeway.

Will my conveyancer be raising questions regarding flooding as part of the conveyancing in The Ridgeway.

Flooding is a growing risk for lawyers carrying out conveyancing in The Ridgeway. Some people will acquire a property in The Ridgeway, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.

Lawyers are not qualified to give advice on flood risk, however there are a number of checks that can be undertaken by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in The Ridgeway. The standard property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to discover whether the premises has suffered from flooding. If the property has been flooded in past and is not notified by the vendor, then a buyer may bring a claim for damages as a result of such an inaccurate response. The buyer’s lawyers may also carry out an enviro search. This should disclose whether there is a recorded flood risk. If so, additional inquiries should be made.

I am a sole trader intending to lease a unit on the high street. Can you recommend conveyancers offering fixed charges for commercial conveyancing in The Ridgeway for less than 1500k?

We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in The Ridgeway, including the disposal and acquisition of businesses as well as simply property. Whether you are hoping to acquire or lease a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right solicitor. Regarding the fees these will vary based on the structure and nuances of the proposed transaction. Let us have your contact information or phone so as to enable us to supply you with a detailed commercial conveyancing quote.

I am tempted by the attractive purchase price for a two apartments in The Ridgeway which have in the region of fifty years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in The Ridgeway is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most 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 premises 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 residence 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 The Ridgeway conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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 have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a The Ridgeway conveyancing firm to represent me?

Absolutely. We are happy to put you in touch with a The Ridgeway conveyancing firm who can help.

An example of a Lease Extension decision for a The Ridgeway residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term was 76 years.

Been reading online that The Ridgeway solicitors are more expensive than The Ridgeway conveyancers in The Ridgeway when it comes to buying a property. So is it better if I use a conveyancer or a solicitor if I am purchasing a house in The Ridgeway.

When it comes to conveyancing in The Ridgeway the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.