The sellers of the home we are purchasing are using a conveyancing firm in Dolgellau who has suggested a exclusivity contract with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
This form of contract is not the norm in Dolgellau, conveyancers are often inclined to direct clients away from them as they detract from focusing on the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. Furthermore, there is no assurance that just because the vendor has entered into an exclusivity contract they will sell to you. They may be motivated to break the agreement if they are offered a large enough incentive to do so because a wronged party with the benefit of a exclusivity agreement will still have to establish consequential losses from the breach and these may not compare to the financial benefit that the owner may secure by reneging on the contract, no matter how morally shameful it undoubtedly is.
As a FTB what is the most important number one tip you can give me about purchase conveyancing in Dolgellau?
Not many law firms shout this from the rooftops but conveyancing in Dolgellau and elsewhere in England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for confrontation between you and other parties involved in the ownership transfer. E.g., the vendor, property agent and sometimes a lender. Appointing a lawyer for your conveyancing in Dolgellau is a critical decision as your conveyancer is your adviser, and is the ONLY party in the process whose role it is to protect your best interests and to protect you.
There is a worrying creep of a "blame" culture- someone has to be blamed for the process being so protracted. You must always trust your conveyancer ahead of all other parties in the home moving process.
Due to the encouragement of my in-laws I had a survey completed on a property in Dolgellau ahead of appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies may refuse to grant a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. If you contact us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Dolgellau. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Dolgellau to see if the conveyancing costs will increase in light of this.
Do I need to be suspicious about estate agents that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local Dolgellau conveyancing company?
As is the case with lots of service providers, often referrals from connections can be most helpful. But there are many people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and banks may put forward lawyers to select. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You are at liberty to select your own conveyancer. You need to be aware that some mortgage providers specify a panel list of solicitors you are obliged to use for the mortgage related work in your conveyancing.
I need to find a conveyancing solicitor for leasehold conveyancing in Dolgellau. I have stumble across a web site which looks to be the perfect offering If there is a chance to get all formalities done via web that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Are there frequently found deficiencies that you witness in leases for Dolgellau properties?
Leasehold conveyancing in Dolgellau is not unique. All leases are individual and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.
Dolgellau Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
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You should be aware if it is no more than 80 years it will impact the value of the flat. It is worth checking with your mortgage company that they are happy with the length of the lease. A short lease means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you will be be obliged to have owned the premises for 24 months before you are legally able to carry out a lease extension. It is important to be aware whether window replacement or some other major work is coming up that will be shared amongst the tenants and may well materially impact the level of the maintenance charges or result in a one time payment. Who takes responsibility for maintaining and repairing the building?