The owners have rather pushy sellers who has suggested a exclusivity contract with a down payment 6,000. Are such agreements sensible?

Lock out contracts are agreements between a property seller and prospective buyer granting the buyer exclusive rights to purchase the property within an agreed time frame. Essentially, a lock out is a document specifying that you should receive a contract at a later date being the main conveyancing contract. It is generally used for buyer protection though in many situations, the vendor may stand to benefit from such agreements as well. There are many positives and negatives to having an agreement but you should to check with your conveyancer but beware that it may result in incurring extra in conveyancing fees. For these reasons these contracts are rare in relation to conveyancing in Tredegar.

Can you clarify what the consequences are if my solicitor is removed from the Nottingham Conveyancing panel ahead of completing my conveyancing in Tredegar?

The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.

I note that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a property in Tredegar? or I am told that there is a law dating back centuries that could mean that homeowners living in a parish church boundary will be compelled to contribute towards repairs towards the chancel in proximity to the church. Is this relevant for conveyancing in Tredegar?

Unless a previous purchase of the house completed post 12 October 2013 you may expect solicitors carrying out conveyancing in Tredegar to continue to suggest a chancel search and or insurance against a claim.

I opted to have a survey done on a house in Tredegar ahead of appointing lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will not give a mortgage on this type of home.

It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Tredegar. Conveyancing will be smoother if you use a solicitor in Tredegar especially if they are accustomed to such properties in Tredegar.

I've recently bought a leasehold house in Tredegar. Am I liable to pay service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I own a studio flat in Tredegar, conveyancing having been completed 7 years ago. How much will my lease extension cost? Comparable properties in Tredegar with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2085

With only 60 years left to run the likely cost is going to span between £20,000 and £23,000 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.