The owners have rather brash vendors who has insisted on a preliminary contract with a deposit 10k. Is it wise to enter into such agreements?
Exclusivity contracts are contracts between a property owner and prospective acquirer granting the buyer exclusive rights to purchase the premises within a prescribed time frame. Essentially, an exclusivity is a document stating that you will be issued with a contract at a later date which is the contract for the actual sale. It is generally used for buyer confidence though in many situations, the seller may stand to benefit from such agreements as well. There are various pros and cons to having an agreement but you need to check with your lawyer but note that it may result in incurring extra in conveyancing charges. For this these agreements are not popular in relation to conveyancing in Chelmsley Wood.
As someone clueless as to conveyancing in Chelmsley Wood what’s the number one tip you can impart concerning the house moving process in Chelmsley Wood
Not many law firms or advisers will tell you this but conveyancing in Chelmsley Wood and elsewhere in Birmingham is an adversarial process. In other words, when it comes to conveyancing there exists lots of opportunity for confrontation between you and other parties involved in the ownership transfer. For example, the seller, property agent and on occasion the mortgage company. Appointing a law firm for your conveyancing in Chelmsley Wood should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the transaction whose role it is to protect your legal interests and to protect you.
We are witnessing a definite ongoing adversarial element to conveyancing- someone has to be blamed for the process taking so long. You your first instinct should be to trust your conveyancer above the other parties in the conveyancing process.
My partner and I are downsizing from our house in Chelmsley Wood and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers instructed a national conveyancing firm rather than a conveyancing solicitor in Chelmsley Wood. We have lived in Chelmsley Wood for six years we know that this is a non issue. Should we contact our local Authority to seek clarification need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
five months have elapsed since my purchase conveyancing in Chelmsley Wood completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Chelmsley Wood with a mortgage from Virgin Money. The sellers refused to move on the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not reveal to my lawyer about this deal as it would put at risk my mortgage with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Chelmsley Wood is where the house is located. Can you offer any assistance?
Flying freeholds in Chelmsley Wood are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chelmsley Wood you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chelmsley Wood 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 residence.