The sellers of the home we are looking to purchase have instructed a conveyancing firm in Lancing who has insisted on a lock out contract with a non-refundable deposit 6,000. Is it wise to enter into such agreements?

Exclusivity contracts are agreements between a property owner and purchaser granting the buyer exclusive rights to purchase the property for a certain period of time. For all intents and purposes, an exclusivity agreement is a contract specifying that you will receive a contract at a later date which is the contract for the actual sale. It is generally utilised for buyer protection though in many situations, the proprietor may stand to benefit from such agreements as well. There are various positives and negatives to having an agreement but you need to check with your lawyer but beware that it may result in incurring more in conveyancing fees. In light of this these agreements are not popular in relation to conveyancing in Lancing.

Is there a reason why leasehold purchase conveyancing in Lancing is more expensive?

Lancing leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.

In looking at online forums for a conveyancing solicitor in Lancing, many comment that I must use a CQS accredited lawyer. Can you explain what CQS is?

The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * adherence to prudent and efficient conveyancing processes via the scheme protocol the standard includes many organisations who execute conveyancing in Lancing.

I acquired my home on 14 January and the transaction details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Lancing advises it should be concluded inside ten days. Are properties in Lancing particularly slow to register?

There is nothing unique when it comes to conveyancing in Lancing registration formalities. As opposed to being determined by geographic area, timeframes can differ depending on who lodges the application, whether it is in order and whether the Land registry must send notices to any interested parties. Currently in the region of three quarters of submission are fully dealt with in less than three weeks but some can be subject to extensive hold-ups. Registration takes place after the buyer is living at the property therefore registration formalities is not always an essential issue but if there is a degree of urgency associated with the registration then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.

I am attracted to a two apartments in Lancing both have in the region of fifty years unexpired on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Lancing is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Lancing conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I own a studio flat in Lancing, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent flats in Lancing with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2095

With only 70 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.