We have rather assertive sellers who has insisted on a preliminary agreement with a non-refundable deposit 10k. Are such agreements sensible?
Lock out agreements are agreements between a property owner and prospective buyer granting the buyer the sole right to the sale of the premises within a prescribed time frame. For all intents and purposes, an exclusivity agreement is a contract specifying that you will receive a contract at a later date which is the contract for the actual sale. It tends to be utilised for buyer assurance though in many situations, the proprietor may enjoy an upside from such agreements as well. There are many positives and negatives to having them but you should to check with your lawyer but note that it may result in incurring more in conveyancing fees. In light of these reasons these agreements are rare when it comes to conveyancing in Stratford.
Why is leasehold purchase conveyancing in Stratford is more expensive?
In short, leasehold conveyancing in Stratford and elsewhere usually requires additional hours of investigation compared to freehold transactions. This includes lease investigation, corresponding with the landlord concerning serving appropriate notices, securing current service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first granted.
four months have gone by since my purchase conveyancing in Stratford completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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 premises 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 Stratford differ for newly converted properties?
Most buyers of new build premises in Stratford contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Stratford 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 conveyancing solicitors 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 Stratford or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Stratford is the location of the property. Is there any guidance you can give?
Flying freeholds in Stratford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stratford you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stratford may decide 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 premises.
My husband and I have had DIP from Yorkshire Building Society who said that they will lend up to £117k. When do we need to instruct a solicitor for conveyancing? Stratford is where we plan to move to.
It would be wise to appoint a solicitor now so that the solicitor can open the ledger so they can commence their AML checks etc. Once you wish them to commence work they will seek a payment on account usually approximately £175. That would normally be once you have the loan offer from your lender and valuation results, nevertheless if you want to speed matters you can get going sooner albeit risking some money.