The vendors of the home we are purchasing hired a conveyancing solicitor in Polesworth who has insisted on a preliminary agreement with a deposit 10k. Are such contracts the norm for Polesworth conveyancing transactions?
This form of preliminary agreement isn't frequently used in Polesworth, conveyancers are not keen on them as they detract from the main conveyancing focus and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no assurance that just because the proprietor has executed an exclusivity contract they will sell to you. They may be in contravention of the contract if they are offered sufficient incentive to do so because an aggrieved buyer with the benefit of a lockout agreement will still be obliged establish consequential losses from the breach and this may not compare to the financial upside that your vendor may secure by breaching the contract, however morally condemnable the behaviour is.
I just acquired a property at auction in Polesworth. Conveyancing is required. What happens now?
Having to all intents and purposes signed on the dotted line you must instruct a conveyancing practitioner as a matter of urgency as you are facing a tight a fixed date to complete the property. All auction property should have a bespoke auction pack. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the conveyancing papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You should hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds organised to complete the transaction on the set completion date.
How can we know in advance if a Polesworth conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Polesworth obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor carrying out your conveyancing.
Bank of Ireland have agreed my mortgage in principle, my offer on a apartment in Polesworth has been agreed to, what are the next steps?
The estate agent will want to be informed of your property lawyer's details (make sure the solicitors are on the bank’s approved list). Call up Bank of Ireland or the broker and complete any relevant documentation. Bank of Ireland will sellect a valuer who will get in contact with the estate agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes on average a week to receive the mortgage offer. Bank of Ireland will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Polesworth.
Will my lawyer be making enquiries concerning flooding during the conveyancing in Polesworth.
The risk of flooding is if increasing concern for solicitors dealing with homes in Polesworth. Some people will purchase a house in Polesworth, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a number of checks that can be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Polesworth. The conventional set of completed inquiry forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to find out if the property has suffered from flooding. If the property has been flooded in past and is not revealed by the vendor, then a buyer may issue a legal claim for losses resulting from an inaccurate response. The purchaser’s conveyancers may also conduct an enviro report. This should reveal if there is a recorded flood risk. If so, further inquiries should be conducted.
four months have elapsed since my purchase conveyancing in Polesworth completed. I have checked the Land Registry website which shows that I paid £150,000 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 asset 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.
In what way can the Landlord & Tenant Act 1954 affect my business property in Polesworth and how can you help?
The particular law that you refer to affords a safeguard to business leaseholders, granting the a statutory right to apply to court for a renewal tenancy and continue in occupation when the lease comes to an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Polesworth is one of the numerous areas of the UK in which our lawyers are based
I have today had an offer accepted on an apartment in Polesworth and the estate agent that we are dealing with recommended his property lawyer. He quoted £800 excluding VAT and disbursements. Does this sound like a good deal?
Don't just go on 1 quote. One should seek like-for-like quotes for your conveyancing in Polesworth. Then choose one that you are comfortable with and crucially, is on the approved panel of the bank that you are sourcing your mortgage from.