We have rather brash vendors who has recommended a preliminary contract with a down payment 10k. Are such agreements sensible?
There are a couple of main drawbacks with executing a lock out agreement (occasionally known as an exclusivity agreement) is that it can distract from progressing with the conveyancing work, so unless it requires minimal or no negotiation then it may turn out to be a cause of frustration and delay. It is not promoted by Woodstock conveyancing practitioners as a result. A supplemental negative is the extent of the remedies available - an aggrieved buyer is not likely to secure injunctive relief to prevent the vendor completing the sale to another buyer, so the only remedy open via the contract will be the reimbursement of abortive charges and, in limited circumstances, the extra payment of damages.
I am the registered owner of a freehold property in Woodstock but nevertheless charged rent, why is this and what is this?
It is rare for properties in Woodstock and has limited impact for conveyancing in Woodstock but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
What is the difference between a licensed conveyancer and conveyancing solicitor in Woodstock
Two types of professional can execute conveyancing in Woodstock namely licenced conveyancers or solicitors. The two can provide the legal services that you need to complete the sale or acquisition of property. They are both required to perform Woodstock conveyancing on similar standards and guidelines so you can be sure that your conveyancing will be properly carried out and that the requirements and procedures will be accurately adhered to.
How can we tell if a Woodstock conveyancing solicitor on the HSBC panel is any good?
When it comes to conveyancing in Woodstock seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the lawyer carrying out your transaction.
I have today made my last payment due on my mortgage with Clydesdale. I assume I don't need a Woodstock lawyer on the Clydesdale panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Clydesdale mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Clydesdale mortgage from the register. Clydesdale, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Clydesdale has sent the Land Registry the discharge electronically, and
- Clydesdale has instructed the Land Registry to do so
I have been told that property searches are the primary reason for hinderance in Woodstock conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Woodstock.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Woodstock is the location of the property. Is there any guidance you can give?
Flying freeholds in Woodstock are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Woodstock you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Woodstock 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 property.
I'm refinancing my current home to a BTL mortgage with Aldermore and I will use the ballance of the raised equity as a down payment on another house. The neighborhood we are talking about is Woodstock. Will your lawyers be able to act for both sets of banks and tie in the transactions?
Make use of our comparison tool on this page to ensure that the conveyancers are approved by both lenders. Having checked that they are your lawyer should be able to connect the two conveyancing matters but you should have a chat with you solicitor and make clear your expectations and needs.