We hired a local solicitor for our conveyancing in The Ridgeway last week. After carefully reading the official terms of business I noteI am on the hook for charges even if the movefalls through. Would I be best advised to instruct an on-line conveyancing brokerage who offer no move no charge conveyancing in The Ridgeway?

Generally there is a compromise along the lines that if "No Completion No Fee" is offered then the fee levels will generally be higher to cover the cases that abort. Also remember that these arrangements generally do not protect you from disbursements such as The Ridgeway conveyancing search charges.

The owners have very assertive sellers who has insisted on a exclusivity agreement with a payment of 5k. Are such agreements sensible?

Exclusivity contracts are contracts between a home owner and prospective buyer giving the buyer the sole right to purchase the property for a certain period of time. For all intents and purposes, an exclusivity is a document stating that you will be issued with a contract at a later time which is the main conveyancing contract. It tends to be utilised for buyer confidence though in some cases, the owner may stand to benefit from such agreements as well. There are various pros and cons to using an agreement but you should to check with your lawyer but note that it may end up costing you more in conveyancing fees. For this these agreements are not popular when it comes to conveyancing in The Ridgeway.

How does conveyancing in The Ridgeway differ for newly converted properties?

Most buyers of new build residence in The Ridgeway come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in The Ridgeway usually 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 conveyancers 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 The Ridgeway or who has acted in the same development.

I have been on the look out for a ground for flat up to £245,000 and found one round the corner in The Ridgeway I like with amenity areas and railway links nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in The Ridgeway in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?

If you need a home loan the shortness of the lease will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.

We have reached the end of our tether in negotiating a lease extension in The Ridgeway. Can this matter be resolved via the Leasehold Valuation Tribunal?

in cases where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to decide the sum to be paid.

An example of a Lease Extension case for a The Ridgeway premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term was 76 years.

In relation to leasehold conveyancing in The Ridgeway what are the most common lease defects?

There is nothing unique about leasehold conveyancing in The Ridgeway. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

Maintenance charge proportions which don’t add up to the correct percentage Clauses dealing with recovering service charges for expenditure on the building or common parts.

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.