The sellers of the home we are purchasing hired a conveyancing practitioner in Newtown who has suggested a exclusivity agreement with a deposit of 5k. Is it wise to enter into such agreements?
Lock out agreements are agreements between a property owner and purchaser granting the buyer exclusive rights to purchase the property within a prescribed time frame. Essentially, an exclusivity agreement is a contract specifying that you will have a contract at a later time which is the contract for the actual sale. It is generally utilised for buyer protection though in many situations, the owner may enjoy an upside from such agreements as well. There are many positives and negatives to having them but you need to check with your conveyancer but beware that it may result in costing you more in conveyancing fees. For these reasons these agreements are rare when it comes to conveyancing in Newtown.
I acquired my flat on 10 March and the transaction details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Newtown said it should be concluded inside ten days. Are properties in Newtown uniquely lengthy to register?
As far as conveyancing in Newtown registration is no faster or slower than the rest of the country. Rather than based on location, timescales can vary according to the party submitting the application, whether it is in order and if the Land registry have to notify any interested parties. Currently in the region of 80% of such applications are completed within two weeks but occasionally there can be extensive hold-ups. Historically registration is effected after the purchaser is living at the premises therefore 'speed' is not typically primary concern yet if there is a degree of urgency associated with the registration then you or your conveyancer should contact the land registry and explain the circumstances.
I have been on the look out for a flat up to £305k and identified one near me in Newtown I like with amenity areas and transport links in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Newtown suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage that many years will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I have been recommended by a number of selling agents in Newtown to locate a solicitor on your site. Is there a financial inducement for Estate Agents to offer your lawyers ahead of another?
We don’t make any financial incentive for directing people our way. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
My husband and I are 18 days into a freehold purchase having been directed to solicitors by the selling agent to handle our conveyancing in Newtown. I am not happy. Could you help me find new solicitors?
A lawyer would have to be really poor to suggest replacing them. Has your mortgage been sent? In the event that it has you must inform them of the new contact details and have the mortgage documents are re-issued. Your new solicitor ideally needs to be on the banks approved list to avoid escalating costs and complications. So that should be your first question of the new lawyers. The search tool should assist you in finding a bank approved solicitor for your conveyancing in Newtown
Can you recommend a solicitor for buying a bungalow? Ideally someone in the Newtown area, who will communicate via email - not someone who insists on slow mail or fax.
The purpose of this site is restricted to being a directory service for lawyers who want to be listed as being on the approved conveyancing panel for TSB in certain areas for instance Newtown . Our intention is not to recommend any specific property lawyer.