We have very assertive sellers who has recommended a exclusivity agreement with a non-refundable deposit 10k. Is it wise to enter into such agreements?
This type of agreement is unusual in Abersoch, conveyancers are not keen on them as they detract from the primary focus, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. In addition, there is no guarantee that just because the proprietor has entered into an exclusivity contract they will sell to you. They may be tempted to break the contract if they receive a big enough offer to do so because an aggrieved buyer with the benefit of a exclusivity agreement will still be legally obliged to establish consequential losses from the breach and this may not amount to the extra amount that your seller may gain by reneging on the contract, no matter how morally reprehensible it undoubtedly is.
What does a local search inform me about the property I am purchasing in Abersoch?
Abersoch conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations such as PSG The local search is essential in every Abersoch conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I purchased a terraced Georgian property in Abersoch. Conveyancing lawyer represented me and Clydesdale. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Abersoch and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with your conveyancing lawyer who conducted the work.
How does conveyancing in Abersoch differ for new build properties?
Most buyers of new build property in Abersoch come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Abersoch tend to acquire 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 conveyancers 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 Abersoch or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, chain free conveyancing. Abersoch is the location of the property. Is there any guidance you can give?
Flying freeholds in Abersoch are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Abersoch you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Abersoch may determine 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.
Why am I unable to complete my conveyancing in Abersoch on Good Friday?
This is due to the fact that on completion the sale price needs to pass between the banks of the purchaser and owner’s solicitor and at present this can only take place on a working day. So you can't complete on a weekend either.