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Recently asked questions about conveyancing in Market Deeping

The owners of the home we are looking to purchase are using a conveyancing practitioner in Market Deeping who has suggested a exclusivity contract with a down payment of 5k. Is it wise to enter into such agreements?

There are a couple of primary drawbacks with entering into any lock out agreement (sometimes referred to as an exclusivity agreement) is that it diverts attention away from moving forward with the conveyancing work, so in the absence of it needing little or no negotiation then it could turn out to be a cause of frustration and delay. It is not promoted amongst Market Deeping conveyancing solicitors as a result. A supplemental negative is the extent of the remedies available - a jilted buyer is extremely unlikely to be issued with an injunction to prevent the seller selling to a third party, so the only remedy open via the contract will be the recovery of abortive charges and, in limited circumstances, the additional payment of damages.

When does exchange of contracts happen for sale conveyancing in Market Deeping and am I required to attend the conveyancers branch?

Where you are round the corner to our conveyancing solicitors in Market Deeping you are invited in to sign the paperwork. However, the law practices we work with supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when dealing with you digitally. The signing of the contract is not the critical part. Signing on the dotted line is necessary for the firm to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Market Deeping)to be in the office available at the end of the phone to exchange contracts.

A relative suggested that if I am purchasing in Market Deeping I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

This is a search is usually quoted for as part of the standard Market Deeping conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Market Deeping around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Market Deeping Education with plans and statistics, Local Amenities and other useful data regarding Market Deeping.

I am a sole trader looking to lease a unit on a shopping parade. Can you recommend solicitors offering competitive charges for non-domestic conveyancing in Market Deeping for less than 2k?

We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Market Deeping, including the sale and acquisition of businesses as well as simply premises. Whether you are hoping to buy or sell a shop, pub, restaurant, office, retail unit or a complete business we will find you the right lawyer. As for the charges this will depend on the structure and complexity of the deal. Please provide us with your details or phone us so that we can furnish you with a fixed commercial conveyancing quote.

I am tempted by the attractive purchase price for a couple of apartments in Market Deeping both have about fifty years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Market Deeping is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Market Deeping conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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.

Leasehold Conveyancing in Market Deeping - A selection of Questions you should consider before Purchasing

    Where a Market Deeping lease has no more than eighty years it will impact the value of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you would need to own the premises for 24 months in order to be legally able to extend the lease. Who are the managing agents? How is the lease structured?

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