The owners have rather assertive vendors who has recommended a preliminary agreement with a payment 10k. Is it wise to enter into such agreements?
Lock out agreements are agreements binding a property owner and purchaser granting the buyer exclusive rights to purchase the property for a set period of time. For all intents and purposes, a lock out is a document stating that you will be issued with a contract at a later time being the contract for the actual sale. It is generally utilised for buyer confidence though in some cases, the proprietor may enjoy an upside from such agreements as well. There are many positives and negatives to having them but you need to check with your conveyancer but note that it may result in costing you extra in conveyancing charges. In light of these reasons these agreements are rare in relation to conveyancing in Hove.
I have an AIP. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather instruct a specialised conveyancing solicitor in Hove?
Do check but the chances are that appoint one of their panel solicitors where you accept the "fee-free" offer. Contact the mortgage company to see if they allow a cash alternative. Some banks have previously offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Hove.
I opted to have a survey done on a property in Hove in advance of retaining lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some lenders will refuse to give a loan on this type of house.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you contact us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hove. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hove to see if the conveyancing costs will increase in light of this.
Should I choose a Hove conveyancing lawyer in close proximity to the house I am buying? An old friend can execute the conveyancing however his firm is located a couple of hundredkilometers away.
The benefit of a high street Hove conveyancing practice is that you can drop in to execute paperwork, deliver your ID and apply pressure on them if necessary. They will also have local insight which is a plus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and in the main were content that should trump using an unknown Hove conveyancing solicitor solely due to them being based in the area.
I bought a 1st floor flat in Hove, conveyancing having been completed 1995. How much will my lease extension cost? Equivalent properties in Hove with a long lease are worth £165,000. The ground rent is £45 levied per year. The lease terminates on 21st October 50
With only 50 years remaining on your lease we estimate the price of your lease extension to span between £36,100 and £41,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.