We have very assertive sellers who has suggested a lock out contract with a down payment two thousand pounds. Is it wise to enter into such agreements?
This kind of preliminary agreement isn't frequently used in South Tottenham, conveyancers are not keen on them as they detract from the primary focus, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no assurance that just because the proprietor has entered into a lock out contract they will complete the sale with you. They may breach the contract if they receive a big enough financial inducement to do so because an aggrieved buyer with the benefit of a exclusivitycontract will still be duty bound to show losses as a consequence of the breach and this may not compare to the financial upside that your vendor may obtain by breaking the agreement, no matter how morally condemnable the behaviour is.
When will exchange of contracts take place for sale conveyancing in South Tottenham and do I need to attend the conveyancers office?
Where you are local to one of the conveyancing solicitors in South Tottenham you are welcome to attend to sign contracts. That being said, the law practices we work with offer a national conveyancing service and give as equally comprehensive and professional a job for you when dealing with you by post or email. The signing of the contract is not when everything is set in stone. A signed contract is necessary for the conveyancer to exchange contracts when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in South Tottenham)to be in the office at the appropriate time.
My home in South Tottenham is up for sale and I have a purchaser. Will the property lawyer have to be on the RBS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
My friend recommended that if I am buying in South Tottenham I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your South Tottenham conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about South Tottenham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the South Tottenham Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning South Tottenham.
Are there restrictive covenants that are commonly picked up as part of conveyancing in South Tottenham?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in South Tottenham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build flat in South Tottenham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in South Tottenham
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply a car parking plan. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.