The owners of the home we are purchasing have instructed a conveyancing practitioner in Lifton who has recommended a lock out contract with a deposit of 5k. Are such agreements sensible?
There are a couple of primary downsides with entering into any lock out agreement (also termed an exclusivity agreement) is that it can distract from making progress with the conveyancing process, so unless it requires minimal or no negotiation then it may transpire to be unhelpful. It is not strongly advocated amongst Lifton conveyancing solicitors for this reason. The other main issue is the extent of the remedies available - a jilted purchaser should not expect to obtain an injunctive ruling by a court to stop the vendor selling to an alternative purchaser, so the only remedy open via the contract will be the reimbursement of abortive charges and, in limited circumstances, the extra payment of penalties.
It is is a decade since I acquired my home in Lifton. Conveyancing lawyers have recently been appointed on the sale but I am unable to track down my title deeds. Will this cause complications?
You need not be too concerned. First there is a chance that the deeds will be retained by the mortgage company or they may be archived with the solicitor who acted in the purchase. Secondly in all probability the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Most conveyancing in Lifton involves registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
I have been told that property searches are the number one cause of delay in Lifton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Lifton.
How does conveyancing in Lifton differ for newly converted properties?
Most buyers of new build or newly converted property in Lifton contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Lifton usually purchase 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 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 Lifton or who has acted in the same development.
My company is looking to lease a unit on the high street. Can you recommend lawyers offering fixed costs for commercial conveyancing in Lifton for below £2000?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Lifton, including the disposal and acquisition of businesses as well as simply premises. If you are hoping to buy or sell a shop, pub, restaurant, office, retail unit or a complete business we can put you in touch with the right firm. Regarding the fees this will depend on the structure and terms of the deal. Please provide us with your contact information or email so as to enable us to provide you with a detailed commercial conveyancing calculation.
Is there a reason that Lifton conveyancing charges differ for leasehold and freehold properties?
When purchasing a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control