The vendors of the property we are looking to purchase have appointed a conveyancing practitioner in Corston who has recommended a lock out agreement with a non-refundable deposit of 5k. Are such contracts recommended for Corston conveyancing transactions?
This form of arrangement isn't common in Corston, conveyancers are often found to veer clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the solicitor is left exposed. Secondly, there is no assurance that just because the vendor has entered into an exclusivity agreement they will complete the sale with you. They may breach the agreement if they are offered a large enough offer to do so because an aggrieved claimant with the benefit of a lockout agreement will still have to show losses as a consequence of the breach and this may not equalise the extra amount that your vendor may gain by breaking the agreement, no matter how morally reprehensible it undoubtedly is.
When will exchange of contracts occur in purchase conveyancing in Corston and am I required to be at the lawyers branch?
If you are round the corner to one of the conveyancing solicitors in Corston you are welcome to come in to sign the paperwork. That being said, the law practices we work with offer countrywide coverage for conveyancing and provide as equally comprehensive and professional a job for you when communicating with you electronically. The signing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the conveyancer to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Corston)to be in the office at the appropriate time.
We're in Corston, First time buyers buying with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am buying a new build apartment in Corston. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Corston
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I have been on the look out for a flat up to £235,500 and found one close by in Corston I like with amenity areas and station nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Corston for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Last May I purchased a leasehold house in Corston. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Corston Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
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Does the lease have more than 90 years left? It is important to be aware whether changing the roof or some other major work is anticipated that will be shared by the leaseholders and could well materially impact the level of the maintenance costs or result in a specific payment. Make sure you discover if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in certain buildings in Corston. If you love the flatin Corston but your dog can’t move with you then you will be presented with a difficult determination.