We have rather pushy sellers who has insisted on a lock out contract with a down payment 6,000. Is it wise to enter into such agreements?

Lock out agreements are agreements between a property seller and prospective buyer granting the buyer a ‘clear field’ to the sale of the property within a prescribed time frame. Essentially, a lock out is a document specifying that you should receive a contract at a later time which is the contract for the actual sale. It is generally used for buyer assurance though in many situations, the seller may stand to benefit from such agreements as well. There are numerous pros and cons to using them but you need to check with your conveyancer but note that it may end up costing you extra in conveyancing fees. For this these contracts are rare when it comes to conveyancing in Hexham.

I am the registered owner of a freehold house in Hexham but still charged rent, why is this and what is this?

It’s unusual for properties in Hexham and has limited impact for conveyancing in Hexham 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 date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.

Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.

The Hexham conveyancing solicitors that just started acting on my purchase in Hexham have suddenly shut down. They were on acting for me because I had to have a solicitor on the Coventry BS conveyancing panel and my preferred Hexham lawyer was not. I wrote them a cheque for £250 in advance. What do I do now?

Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Coventry BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.

What does a local search inform me regarding the house my wife and I purchasing in Hexham?

Hexham conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company such as Searchflow The local search is essential in every Hexham conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search will supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.

I have just appointed agents to market my 2 bed apartment in Hexham. Conveyancing has not commenced, but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should pay the service charge as usual as all rents and service invoices will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I invested in buying a studio flat in Hexham, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Hexham with an extended lease are worth £186,000. The ground rent is £55 per annum. The lease ends on 21st October 2076

With just 52 years unexpired the likely cost is going to range between £29,500 and £34,000 as well as professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt 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 seeking the advice of a professional.