The vendors of the house we are hoping to buy have instructed a conveyancing solicitor in Basingstoke who has recommended a lock out contract with a payment of 5k. Are such agreements sensible?

There are a couple of primary drawbacks with executing a lock out contract (also referred to as a no-shop agreement) is that it takes away the focus from moving forward with the conveyancing work, so unless it requires limited or no negotiation then it could transpire to be unhelpful. It is not promoted amongst Basingstoke conveyancing practitioners for this reason. The other main concern is the extent of the remedies available - an aggrieved buyer is very unlikely to be granted injunctive relief to prohibit the owner disposing of the property to an alternative purchaser, so the only remedy open via the contract will be the recovery of wasted charges and, in restricted scenarios, the extra payment of penalties.

My property lawyer in Basingstoke is not on the Accord Mortgages Ltd Conveyancing Panel. Is it possible for me to retain my prefered solicitor even though they are not on the Accord Mortgages Ltd list of approved lawyers?

Your options are as follows:

1. Carry on with your preferred Basingstoke solicitors but Accord Mortgages Ltd will need to use a conveyancer on their list of acceptable firms. This will result in additional total conveyancing charges as well as result in frustration.
2. Find a new practitioner to act in the purchase, obviously checking they are Convince your conveyancer to use their best endeavours to join the Accord Mortgages Ltd conveyancing panel

Will my solicitor be raising questions regarding flooding during the conveyancing in Basingstoke.

The risk of flooding is if increasing concern for solicitors dealing with homes in Basingstoke. Some people will purchase a property in Basingstoke, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.

Conveyancers are not best placed to give advice on flood risk, but there are a number of checks that may be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Basingstoke. The conventional set of information supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to determine whether the property has historically flooded. If flooding has previously occurred and is not revealed by the vendor, then a purchaser may commence a compensation claim as a result of such an incorrect answer. A purchaser’s conveyancers may also conduct an enviro report. This should reveal whether there is any known flood risk. If so, additional investigations should be carried out.

The estate agent has sent us the confirmation of our purchase of a new build flat in Basingstoke. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Basingstoke

There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.

I have recently realised that I have Seventy years remaining on my flat in Basingstoke. I now wish to extend my lease but my landlord is can not be found. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the lessor. On the whole an enquiry agent may be helpful to conduct investigations and to produce a report to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the application to the County Court overseeing Basingstoke.

I am the registered owner of a studio flat in Basingstoke, conveyancing having been completed in 1997. Can you work out an approximate cost of a lease extension? Corresponding flats in Basingstoke with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2100

With just 74 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should 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.