We have rather pushy sellers who has recommended a exclusivity agreement with a non-refundable deposit 10k. Are such contracts appropriate for Bude conveyancing transactions?
Lock out contracts are agreements binding a home owner and purchaser granting the buyer a ‘clear field’ to the sale of the property within an agreed time frame. Essentially, a lock out is a document stating that you will receive a contract at a later date being the contract for the actual sale. It tends to be used for buyer assurance though in many situations, the proprietor may stand to benefit from such agreements as well. There are many pros and cons to using them but you need to check with your solicitor but note that it may result in incurring extra in conveyancing charges. For this these agreements are rare when it comes to conveyancing in Bude.
What does my ID and proof of funds have anything to do with my conveyancing in Bude? Is this really necessary?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the identity of the potential client they are dealing with before they can accept their conveyancing retainer. The Terms and Conditions that you are required to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to hand over identification documents, your lawyer will not be able to take you on as a client.
I have 7378 less than 75 years left on my lease and need a lease extension for my flat in Bude. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 4/5/2025 the requirements read as follows :
Me and my brother have a semi-detached Edwardian house in Bude. Conveyancing solicitor acted for me and Skipton Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold with the matching address. Is it worth asking Skipton Building Society to clarify?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bude 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 purchasers. You can also check the situation with the conveyancing lawyer who carried out the work.
How does conveyancing in Bude differ for new build properties?
Most buyers of new build property in Bude come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is built. This is because developers in Bude usually acquire the site, 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 used to new build conveyancing in Bude or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Bude I like with amenity areas and station in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Bude for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.