The owners of the property we are purchasing hired a conveyancing solicitor in Filton who has suggested a exclusivity agreement with a deposit 6,000. Is it wise to enter into such agreements?
There are two primary downsides with signing a lock out contract (also termed an exclusivity agreement) is that it can distract from making progress with the conveyancing process, so unless it requires limited or no negotiation then it may turn out to be a cause of frustration and delay. It is not promoted by Filton conveyancing lawyers for this reason. A further issue is the extent of the remedies available - an aggrieved purchaser is very unlikely to be granted injunctive relief to bar the owner completing the sale to a third party, so the only remedy open via the contract will be the recovery of abortive costs and, in restricted situations, the extra payment of penalties.
Our lender has suggested solicitors on their panel based in Filton but I would rather use a conveyancing lawyer in Filton round the corner to me. Are you able to assist?
Far from all Filton conveyancing solicitors are approved and listed on all banks conveyancing panel. Use our search tool to identify a Filton conveyancing firm on the on the bank panel.
When it comes to lenders such as Principality, do Filton property lawyers have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
My partner and I have arranged a further advance on our mortgage from Santander as we intend to carry out alterations to our home in Filton. Are we obliged to appoint a local Filton solicitor on the Santander conveyancing panel to deal with the legals?
Santander do not ordinarily instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander list.
After months of negotiation I have agreed a price on a house in Filton. My mortgage broker suggested a property lawyer. I paid an advanced payment of £225. Shortly after, the property lawyer called me embarrassingly acknowledging that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Having had my offer accepted I require leasehold conveyancing in Filton. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in Filton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a studio flat in Filton, conveyancing formalities finalised in 2012. 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? Equivalent properties in Filton with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2102
With 78 years left to run the likely cost is going to range between £7,600 and £8,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
Two months into buying a residence in Filton. Conveyancing solicitor has called to say the property is "Leasehold". Should this impact our Natwest valuation?
Filton conveyancing does not ordinarily involve leasehold houses. The main consideration here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it shouldn't impact the marketability significantly.
On the flip side, if it's, say, Sixty years it is bound to have a adverse impact on the saleability, and most likely wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease to be supplied to your property lawyer.