We have very assertive vendors who has recommended a lock out agreement with a non-refundable deposit of 5k. Are such agreements sensible?
There are two primary concerns with entering into any lock out contract (also known as a shut-out contract) is that it takes away the focus from progressing with the conveyancing work, so in the absence of it needing little or no negotiation then it may turn out to be unhelpful. It is not promoted amongst Iver conveyancing lawyers for this reason. The other main issue is the extent of the remedies available - an aggrieved buyer is very unlikely to secure injunctive relief to prevent the owner selling to an alternative purchaser, so the only remedy available under the contract will be the reimbursement of abortive costs and, in restricted circumstances, the additional payment of penalties.
The Iver conveyancing lawyers that I recently instructed on my house acquisition in Iver have without warning shut down. I only went with them because I needed a lawyer on the Bank of Ireland conveyancing panel and my family Iver lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will 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 Bank of Ireland 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 assist.
2 months have elapsed following my purchase conveyancing in Iver concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Iver differ for newly converted properties?
Most buyers of new build premises in Iver come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Iver 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 property lawyers 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 Iver or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and found one close by in Iver I like with amenity areas and station in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Iver in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
Should one as executor remove a deceased person's name from the title deeds for a property in Iver?
If a Iver property is jointly owned and one of the owners passes away, the name will not immediately be removed from the Land Registry title. You are not required to amend the title as in the event of a disposal you would just need to supply proof why the co proprietor is missing from the transfer, ordinarily this takes the form of the probate documents.
With the aim of making the sale conveyancing smoother for the sale of the property you may apply to have the deceased person erased from the title entries by applying to the land registry with evidence of the death. There is no land registry fee payable.