The owners have very brash vendors who has suggested a exclusivity agreement with a payment 6,000. Are such agreements sensible?

Exclusivity contracts are agreements between a home seller and purchaser granting the buyer exclusive rights to the sale of the property within an agreed time frame. For all intents and purposes, a lock out is a document stating that you will receive a contract at a later time being the contract for the actual sale. It is generally utilised for buyer confidence though in many situations, the vendor may stand to benefit from such agreements as well. There are many positives and negatives to having them but you need to check with your lawyer but note that it may result in incurring more in conveyancing fees. In light of these reasons these contracts are unusual when it comes to conveyancing in Watford.

Why is leasehold purchase conveyancing in Watford costs more?

Watford leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

A colleague pointed out to me me that in purchasing a property in Watford there could be a number of restrictions affecting the ability to carry out external alterations to the property. Is this right?

We are aware of a number of properties in Watford which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Watford should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

My wife and I are in the throws of viewing flats in Watford and I am about to put in an offer. Is it too early to have a solicitor in place? I am planning to take a mortgage with Coventry BS.

You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are obtaining a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.

The formalities of my remortgage has taken place for my property in Watford. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How do I make a complaint?

Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.

We're first time buyers - agreed a price, yet the estate agent told us that the vendor will only issue a contract if we instruct the agent's chosen solicitors as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Watford

It is unlikely the vendors are driving this. Should the owner desire ‘a quick sale', turning down a motivated buyer is going to damage their objectives. Speak to the vendors direct and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you intend to appoint your preferred Watford conveyancing solicitors - not the ones that will earn the estate agent a commission or meet his conveyancing targets set by HQ.

I own a garden flat in Watford. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?

Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the amount due.

An example of a Lease Extension decision for a Watford flat is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The unexpired term as at the valuation date was 71 years.

What makes a Watford lease problematic?

There is nothing unique about leasehold conveyancing in Watford. All leases are unique and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

Insurance obligations

You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.