We have very brash vendors who has insisted on a lock out agreement with a non-refundable deposit two thousand pounds. Is it wise to enter into such agreements?
Exclusivity agreements are contracts between a property owner and prospective acquirer granting the buyer a ‘clear field’ to the sale of the premises for a limited period of time. Essentially, an exclusivity agreement is a contract stating that you should have a contract at a later time being the main conveyancing contract. It tends to be used for buyer assurance though in many situations, the seller may stand to benefit from such agreements as well. There are numerous positives and negatives to using an agreement but you should to check with your lawyer but note that it may end up incurring extra in conveyancing fees. In light of these reasons these contracts are rare in relation to conveyancing in Selsdon.
Should my lawyer be raising questions concerning flooding during the conveyancing in Selsdon.
Flooding is a growing risk for solicitors dealing with homes in Selsdon. There are those who acquire a property in Selsdon, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a numerous checks that can be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in Selsdon. The conventional set of information supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to discover whether the premises has historically flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a purchaser could bring a claim for damages as a result of such an misleading answer. A purchaser’s conveyancers will also carry out an environmental search. This will disclose if there is a recorded flood risk. If so, additional investigations will need to be initiated.
It has been four months following my purchase conveyancing in Selsdon completed. I have checked the Land Registry website which shows that I paid £200,000 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 residence 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 Selsdon differ for new build properties?
Most buyers of new build property in Selsdon approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Selsdon 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 conveyancers 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 accustomed to new build conveyancing in Selsdon or who has acted in the same development.
What does commercial conveyancing in Selsdon cover?
Commercial conveyancing in Selsdon incorporates a wide array of advice, offered by qualified solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
My partner has suggested that I use his conveyancers in Selsdon. Should I choose my own solicitor?
Much as we are happy to recommend a Selsdon conveyancing lawyer it’s preferable to find a conveyancing solicitor is to have guidance from friends or family who have actually experience in using the solicitor that you are considering.