We have very brash vendors who has insisted on a preliminary contract with a deposit two thousand pounds. Are such arrangements appropriate for Fareham conveyancing transactions?
There are a couple of main concerns with signing a lock out contract (also known as a no-shop agreement) is that it takes away the focus from making progress with the conveyancing process, so unless it requires little or no negotiation then it could turn out to be a hindrance. It is not particularly popular by Fareham conveyancing practitioners for this reason. A supplemental issue is the extent of the remedies available - a jilted purchaser is not likely to win an injunctive ruling by a court to bar the owner completing the sale to another buyer, so the only remedy available under the contract will be the reimbursement of wasted charges and, in limited scenarios, the extra payment of damages.
My wife and I buying a 4 bedroom semi-detached house in Fareham. Our aim is to carry out an extension to the side at the property.Will the conveyancing process involve checks to see if these works are permitted?
Your property lawyer will review the deeds as conveyancing in Fareham will occasionally reveal restrictions in the title deeds which prevent categories of alterations or require the permission of another owner. Many extensions require local authority planning permissions and approval in accordance building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
Can you help - my lawyer says that flying freehold insurance is necessary on my purchase. What is the level of cover for Fareham conveyancing?
The right level of flying freehold indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and Barnsley Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
Last month we had a mortgage agreed in principle with Clydesdale. Fareham conveyancing solicitors are chosen. How long does it take for Clydesdale to forward the offer to the lawyer?
Some lenders take longer than others. Have Clydesdale completed the valuation? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Will commercial conveyancing searches reveal proposed roadworks that could impact a commercial property in Fareham?
Many commercial conveyancing solicitors in Fareham will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Fareham. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Fareham.
For each commercial conveyancing transaction in Fareham it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Fareham commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Fareham.
How does conveyancing in Fareham differ for newly converted properties?
Most buyers of new build property in Fareham approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is built. This is because builders in Fareham usually buy 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 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 Fareham or who has acted in the same development.
I am looking for a leasehold apartment up to £195,000 and found one close by in Fareham I like with open areas and transport links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Fareham for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
Do I stop my mortgage payments with Aldermore once a completion date for my sale in Fareham has been set?
No, you should maintain paying any mortgage sums to Aldermore until the mortgage is paid off on completion as part of your Fareham conveyancing.