We have very assertive sellers who has insisted on a lock out contract with a payment 6,000. Is it wise to enter into such agreements?
Lock out contracts are agreements binding a home owner and prospective buyer granting the buyer the sole right to the sale of the premises within an agreed time frame. For all intents and purposes, an exclusivity agreement is a contract specifying that you should have a contract at a later date which is the contract for the actual sale. It is generally used for buyer assurance though in many situations, the owner may enjoy an upside from such agreements as well. There are various pros and cons to having an agreement but you should to check with your solicitor but note that it may result in incurring more in conveyancing fees. In light of this these agreements are avoided in relation to conveyancing in Wedmore.
When will exchange of contracts happen for residential conveyancing in Wedmore and do I need to attend the lawyers branch?
If you are round the corner to our conveyancing solicitors in Wedmore you are welcome to come in to sign the paperwork. However, the firms we work with supply countrywide coverage for conveyancing and give just as comprehensive and professional a job for you when communicating with you electronically. The signing of the purchase agreement is not the important part. Signing on the dotted line is necessary for the firm to officially exchange at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Wedmore)to be in the office available at the end of the phone to exchange contracts.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Wedmore. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 1/4/2025, the requirements read as follows :
I'm buying my first flat in Wedmore with a loan from Clydesdale. The developers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent told me not to tell my conveyancer about this extras as it would adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Wedmore I like with open areas and station nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Wedmore in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan that many years may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I am a sole trader hoping to take an assignment of a lease of an office on a shopping parade. Can you recommend conveyancers offering competitive charges for non-domestic conveyancing in Wedmore for less than 2k?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Wedmore, including the disposal and purchase of businesses as well as simply premises. Whether you are looking to purchase or lease a shop, pub, restaurant, office, retail premises or a complete business we can find you the right solicitor. Regarding the costs these will vary based on the structure and nuances of the deal. Let us have your contact information or email so as to enable us to supply you with a detailed commercial conveyancing calculation.