The owners have very assertive vendors who has insisted on a preliminary agreement with a payment 10k. Are such agreements sensible?
Exclusivity agreements are contracts between a property seller and prospective acquirer granting the buyer exclusive rights to purchase the property for a limited period of time. Essentially, a lock out is a document specifying that you will receive a contract at a later time being the contract for the actual sale. It is generally used for buyer protection though in some cases, the owner may stand to benefit from such agreements as well. There are numerous pros and cons to using an agreement but you need to check with your lawyer but note that it may result in costing you more in conveyancing fees. For these reasons these contracts are unusual in relation to conveyancing in Denton.
Will lawyers request an advanced payment when it comes to conveyancing in Denton?
If you are buying a property in Denton your lawyer will ask you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the purchase price then this should be required immediately ahead of contracts are exchanged. The closing balance that is due should be transferred shortly before completion.
We are downsizing from our property in Denton and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A high street Denton conveyancer would know this is not the case. It does beg the question why the purchasers instructed a factory type conveyancing firm rather than a conveyancing solicitor in Denton. We have lived in Denton for many years we know of no issue. Is it a good idea to get in touch with our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Are there restrictive covenants that are commonly identified during conveyancing in Denton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Denton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Denton differ for newly converted properties?
Most buyers of new build residence in Denton come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Denton typically acquire the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Denton or who has acted in the same development.
My uncle has recommend that I use his conveyancing solicitors in Denton. Should I use them?
Much as we are happy to recommend a Denton conveyancing lawyer the best way to find a conveyancing practitioner is to have feedback from friends or family who have used the firm that you are contemplating using.