We have very assertive vendors who has recommended a preliminary contract with a deposit 6,000. Is it wise to enter into such agreements?
There are two primary downsides with executing a lock out contract (sometimes termed a no-shop agreement) is that it takes away the focus from progressing with the conveyancing work, so in the absence of it needing little or no negotiation then it may turn out to be unhelpful. It is not strongly advocated by Repton conveyancing lawyers for this reason. A supplemental issue is the extent of the remedies available - a jilted buyer should not expect to secure injunctive relief to prohibit the seller disposing of the property to another buyer, so the only remedy available under the contract will be the reimbursement of abortive charges and, in restricted situations, the additional payment of penalties.
How does conveyancing in Repton differ for newly converted properties?
Most buyers of new build property in Repton approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Repton tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Repton or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Repton I like with a park and station in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Repton suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
My fiance and I may need to rent out our Repton 1st floor flat temporarily due to taking a sabbatical. We used a Repton conveyancing practice in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your last Repton conveyancing lawyer is no longer available you can check your lease to see if you are permitted to let out the apartment. The rule is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain consent via your landlord or other appropriate person before subletting. This means that you cannot sublet in the absence of first obtaining permission. Such consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I bought a 2 bed flat in Repton, conveyancing having been completed 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Repton with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease runs out on 21st October 2081
With just 56 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
Why is New Build conveyancing in Repton more expensive?
Conveyancing in Repton for newly converted or new build properties often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as supplemental investigations and contractual considerations.