We have rather brash vendors who has recommended a lock out contract with a non-refundable deposit 10k. Is it wise to enter into such agreements?
Lock out agreements are agreements between a property owner and purchaser giving the buyer a ‘clear field’ to the sale of the premises for a set period of time. Essentially, an exclusivity agreement is a contract stating that you will have a contract at a later time which is the main conveyancing contract. It tends to be utilised for buyer protection though in many situations, the seller may stand to benefit from such agreements as well. There are many positives and negatives to having them but you should to check with your solicitor but beware that it may result in costing you extra in conveyancing fees. In light of this these agreements are rare when it comes to conveyancing in Whyteleafe.
As someone with no idea as to conveyancing in Whyteleafe what is your top tip you can give me concerning the ownership transfer in Whyteleafe
Not many law firms or advisers will tell you this but conveyancing in Whyteleafe and elsewhere in Surrey is an adversarial experience. In other words, when it comes to conveyancing there exists lots of opportunity for friction between you and others involved in the legal transfer of property. For example, the seller, property agent and on occasion the lender. Choosing a law firm for your conveyancing in Whyteleafe an important selection as your conveyancer is your adviser, and is the ONE party in the transaction whose role it is to act in your legal interests and to protect you.
We are witnessing a definite ongoing adversarial element to conveyancing- someone must be blamed for the process taking so long. We recommend that you must always trust your lawyer ahead of all other players when it comes to the legal transfer of property.
Have completed on a a semi-detached house in Whyteleafe , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Whyteleafe conveyancing solicitor has been painfully slow, so I want to be sure the land registry aspects are concluded.
As far as conveyancing in Whyteleafe registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether it is in order and if the Land registry communicate with any 3rd parties. At present roughly 80% of submission are completed within 12 days but occasionally there can be longer hold-ups. Historically registration takes place once the purchaser has moved in to the property so 'speed' is not usually primary concern but where there is a degree of urgency associated with the registration then you or your lawyers can speak with the land registry and explain the circumstances.
How does conveyancing in Whyteleafe differ for newly converted properties?
Most buyers of new build or newly converted property in Whyteleafe approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Whyteleafe tend to buy 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 used to new build conveyancing in Whyteleafe or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and found one round the corner in Whyteleafe I like with open areas and transport links in the vicinity, however it's only got 52 years on the lease. There is not much else in Whyteleafe in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage that many years may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
Estate agents have just been given the go-ahead to market my basement flat in Whyteleafe.Conveyancing has not commenced however I have recently had a quarterly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as usual because all ground rent and service invoices will be allottedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies 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