We have very brash vendors who has suggested a lock out agreement with a non-refundable deposit 10k. Is it wise to enter into such agreements?
There are a couple of primary drawbacks with entering into any lock out contract (also termed an exclusivity agreement) is that it diverts attention away from progressing with the conveyancing process, so unless it requires little or no negotiation then it may transpire to be unhelpful. It is not strongly advocated amongst St Margarets conveyancing practitioners for this reason. The other main issue is the extent of the remedies available - a jilted buyer should not expect to be granted injunctive relief to stop the owner selling to another buyer, so the only remedy open via the agreement will be the reimbursement of wasted charges and, in limited circumstances, the additional payment of damages.
My wife and I own a semi-detached Georgian house in St Margarets. Conveyancing practitioner acted for me and Bank of Scotland. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in St Margarets and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing lawyer who completed the work.
How does conveyancing in St Margarets differ for newly converted properties?
Most buyers of new build residence in St Margarets approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in St Margarets 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 used to new build conveyancing in St Margarets or who has acted in the same development.
I am looking into buying my first house which is in St Margarets and I am already nervous. I couldn't find anything specific about St Margarets. Conveyancing will be needed in due course but do you know about the St Margarets area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at St Margarets. In the meantime here are some basic statistics that we found
I need to retain a conveyancing solicitor for leasehold conveyancing in St Margarets. I happened to discover a web site which looks to be the ideal offering If there is a chance to get all formalities completed via email that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
The property lawyers conducting our conveyancing in St Margarets has sent documents to review that indicate that the land is unregistered with epitome documents. How can it be that the property not yet recorded at HM Land Regsitry?
It is a rare occurrence indeed to find premises in St Margarets not to be registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Plenty of St Margarets conveyancing lawyers will be familiar with such matters but if any uncertainty prevails the conventional proposition these days appears to be for the vendor’s solicitor to undertake the registration formalities first and subsequently deal with the dispose of the property to the purchaser - this no doubt cause a protracted transaction.