The vendors of the home we are looking to purchase hired a conveyancing solicitor in Adwick le Street who has suggested a exclusivity contract with a down payment of 5k. Are such agreements sensible?
There are a couple of primary downsides with entering into any lock out contract (sometimes termed a no-shop agreement) is that it can distract from making progress with the conveyancing transaction itself, so unless it requires little or no negotiation then it may turn out to be a hindrance. It is not particularly popular by Adwick le Street conveyancing lawyers for this reason. The other main negative is the extent of the remedies available - an aggrieved buyer is not likely to win an injunction to prevent the owner completing the sale to a third party, so the only remedy available under the contract will be the reimbursement of abortive charges and, in restricted situations, the extra payment of penalties.
I have been recommended a conveyancing solicitor in Adwick le Street. I I am struggling to find out if they are accepted on the National Westminster Bank conveyancing panel. Can you advise?
You should call your solicitor and enquire whether they are on the lender panel. Otherwise please get in touch with National Westminster Bank who may be able to confirm.
How does conveyancing in Adwick le Street differ for new build properties?
Most buyers of new build property in Adwick le Street approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Adwick le Street typically buy the site, 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 Adwick le Street or who has acted in the same development.
I was advised by a few property agents in Adwick le Street to find a solicitor using your seach tool. What’s the financial advantage for Estate Agents to recommend your site rather than a competitor’s?
We don’t make any commission for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I am a negotiator for a reputable estate agency in Adwick le Street where we have experienced a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Adwick le Street conveyancing solicitors. Please can you confirm whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Adwick le Street Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
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What restrictions exist in the Adwick le Street Lease? Is anyone aware of any major works in the near future that will likely add a premium to the maintenance fees? It is important to be aware whether fixing the lift or some other major work is due in the near future that will be shared amongst the leaseholders and will dramatically impact the level of the service fees or result in a specific payment.
Why is New Build conveyancing in Adwick le Street more expensive?
Conveyancing in Adwick le Street for newly converted or new build homes can sometimes involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further queries and contractual considerations.