The sellers of the property we are looking to purchase have instructed a conveyancing solicitor in Crewkerne who has recommended a exclusivity agreement with a non-refundable deposit 6,000. Are such agreements sensible?
This kind of contract is not the norm in Crewkerne, conveyancers will often try and steer clients away from them as they divert attention from the primary focus, namely conveyancing and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the seller has executed an exclusivity agreement they will sell to you. They may breach the agreement if they receive sufficient incentive to do so because a wronged buyer with the benefit of a exclusivitycontract will still have to show losses as a consequence of the breach and these may not equate the financial upside that the owner may obtain by breaking the agreement, no matter how morally unworthy it undoubtedly is.
The Crewkerne conveyancing solicitors that I appointed last week on my house acquisition in Crewkerne have without warning shut down. They were on acting for me because I needed a solicitor on the Virgin Money conveyancing panel and my family Crewkerne lawyer was not. I wrote them a cheque for £250 in advance. What should be my next steps?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Virgin Money conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
Will my solicitor be raising questions about flooding during the conveyancing in Crewkerne.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Crewkerne. There are those who buy a property in Crewkerne, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, but there are a number of searches that can be initiated by the purchaser or by their lawyers which will give them a better understanding of the risks in Crewkerne. The standard completed inquiry forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to determine whether the property has suffered from flooding. If the property has been flooded in past and is not revealed by the owner, then a buyer may commence a claim for damages stemming from an inaccurate reply. The buyer’s lawyers may also commission an enviro search. This should indicate whether there is any known flood risk. If so, additional inquiries will need to be initiated.
Just acquired a semi-detached house in Crewkerne , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Crewkerne conveyancing solicitor has been very slow, so I want to check the registration is addressed.
There is nothing unique when it comes to conveyancing in Crewkerne registration formalities. Rather than based on location, timescales can differ subject to who lodges the application, whether it is in order and if the Land registry must send notices to any other parties. Currently approximately 80% of such applications are fully dealt with in less than three weeks but occasionally there can be longer delays. Registration is effected after the purchaser is living at the premises therefore registration formalities is not usually an essential issue but where it is urgent that the the registration takes place urgently then you or your conveyancer should speak with the land registry and explain the circumstances.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Crewkerne I like with open areas and transport links nearby, however it only has 52 remaining years left on the lease. There is not much else in Crewkerne for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 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 current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
My wife and I purchased a leasehold flat in Crewkerne. Conveyancing and The Mortgage Works mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Crewkerne who previously acted has long since retired. Any advice?
First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Crewkerne conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Crewkerne Leasehold Conveyancing - Examples of Questions you should consider before buying
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Who manages the building? What is the length of the lease?