The owners of the home we are looking to purchase hired a conveyancing practitioner in Tredegar who has suggested a preliminary contract with a deposit two thousand pounds. Are such agreements sensible?
Lock out contracts are contracts binding a home owner and prospective buyer giving the buyer exclusive rights to purchase the property for a limited period of time. For all intents and purposes, an exclusivity agreement is a contract stating that you should have a contract at a later date being the main conveyancing contract. It is generally used for buyer confidence though in some cases, the proprietor may stand to benefit from such agreements as well. There are many pros and cons to having them but you need to check with your solicitor 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 Tredegar.
How can we know in advance if a Tredegar conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Tredegar seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor carrying out your transaction.
I have today made my last payment due on my mortgage with Nationwide. I assume I don't need a Tredegar conveyancer on the Nationwide panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
About to purchase flat in Tredegar. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Tredegar conveyancing practitioner is on the Clydesdale conveyancing panel.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Tredegar I like with a park and transport links in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Tredegar for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Hoping to buy a property located in Tredegar and I am already nervous. I couldn't find anything specific about Tredegar. Conveyancing will be needed in due course but do you know about the Tredegar area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Tredegar. In the meantime here are some basic statistics that we found
I am intending to let out my leasehold flat in Tredegar. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Your lease dictates the relationship between the freeholder and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Tredegar do not prevent subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I own a ground floor flat in Tredegar, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Equivalent properties in Tredegar with a long lease are worth £195,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2084
With just 63 years left to run we estimate the price of your lease extension to span between £16,200 and £18,600 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.