The sellers of the home we are hoping to buy have instructed a conveyancing solicitor in Stanley who has recommended a exclusivity agreement with a non-refundable deposit of 5k. Are such agreements sensible?
Exclusivity contracts are contracts between a home seller and prospective buyer giving the buyer a ‘clear field’ to the sale of the property within a prescribed time frame. Essentially, a lock out is a document specifying that you will be issued with a contract at a later time which is the main conveyancing contract. It is generally utilised for buyer confidence though in many situations, the owner may stand to benefit from such agreements as well. There are numerous pros and cons to having an agreement but you need to check with your conveyancer but beware that it may end up incurring more in conveyancing charges. In light of these reasons these agreements are rare when it comes to conveyancing in Stanley.
My flat in Stanley is up for sale and I have accepted an offer. Will the lawyer have to be on the Barclays conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Barclays 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.
Should our solicitor be asking questions concerning flooding during the conveyancing in Stanley.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Stanley. Some people will acquire a property in Stanley, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a various searches that may be undertaken by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Stanley. The conventional set of information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to discover whether the property has suffered from flooding. If the residence has been flooded in past and is not notified by the seller, then a buyer may bring a legal claim for losses as a result of such an misleading response. A buyer’s lawyers will also carry out an enviro report. This should reveal if there is a recorded flood risk. If so, further investigations should be carried out.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Stanley is the location of the property. Can you offer any advice?
Flying freeholds in Stanley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stanley you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stanley may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
As co-executor for the will of my uncle I am selling a house in Monmouth but reside in Stanley. My solicitor (who is 300 kilometers awayrequires that I sign a stat dec before the transaction finalising. Could you suggest a conveyancing practitioner in Stanley who can witness and place their company stamp on the document?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are based in Stanley
I've recently bought a leasehold flat in Stanley. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Stanley - Examples of Queries Prior to Purchasing
-
It would be sensible to discover as much as you can regarding the company managing the block as they can either make your life much simpler or a lot more difficult. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the common parts. Enquire of other people what they think of their management. Finally, investigate as to the dates that the maintenance fees are due to the managing agents and precisely what you get for your money. What restrictions are there in the Stanley Lease? How many years remain on the lease?