The vendors of the property we are hoping to buy have instructed a conveyancing solicitor in Topsham who has insisted on a exclusivity contract with a payment of 5k. Is it wise to enter into such agreements?
There are two primary concerns with entering into any lock out agreement (occasionally termed a shut-out contract) is that it can distract from moving forward with the conveyancing process, so in the absence of it needing little or no negotiation then it may turn out to be unhelpful. It is not strongly advocated by Topsham conveyancing solicitors for this reason. The other main concern is the extent of the remedies available - an aggrieved purchaser is not likely to be issued with an injunctive ruling by a court to prevent the owner completing the sale to another buyer, so the only remedy open via the agreement will be the reimbursement of abortive charges and, in rare situations, the extra payment of damages.
We are close to exchanging contracts on the sale of our house in Topsham and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. Any high street Topsham lawyer would know this is not the case. It does beg the question why the purchasers used an online conveyancing practice as opposed to a conveyancing solicitor in Topsham. Having lived in Topsham for 4 years we know of no issue. Is it a good idea to get in touch with our local Authority to get confirmation need.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I have recentlybecome aware that Action Conveyancing have closed. They conducted my conveyancing in Topsham for a purchase of a leasehold apartment 10 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The quickest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Topsham conveyancing specialists.
I am buying a new build flat in Topsham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Topsham
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There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Hoping to buy a property located in Topsham and I am already nervous. I couldn't find anything specific about Topsham. Conveyancing will be needed in due course but do you know about the Topsham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Topsham. In the meantime here are some basic statistics that we found
I have just appointed agents to market my basement flat in Topsham. Conveyancing has not commenced, however I have recently received a half-yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear the maintenance contribution as usual because all ground rent and service invoices should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Topsham - Examples of Questions you should consider before buying
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Does the lease include onerous restrictions? Most Topsham leasehold flats will be liable to pay a service bill for maintenance of the building set on behalf of the freeholder. Where you acquire the apartment you will have to pay this amount, normally in instalments accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a ground rent to be met annual, normally this is not a exorbitant figure, say about £25-£75 but you need to enquire as sometimes it could be prohibitively expensive. What is the yearly service fee and ground rent?