The sellers of the house we are looking to purchase have appointed a conveyancing solicitor in Fulwell who has insisted on a exclusivity agreement with a down payment of 5k. Are such agreements sensible?
Exclusivity contracts are agreements binding a home seller and purchaser giving the buyer a ‘clear field’ to the sale of the property within a prescribed time frame. Essentially, an exclusivity is a document stating that you will be issued with a contract at a later date being the contract for the actual sale. It tends to be used for buyer confidence though in many situations, the proprietor may enjoy an upside from such agreements as well. There are numerous pros and cons to using an agreement but you should to check with your conveyancer but beware that it may end up incurring more in conveyancing charges. For this these agreements are rare in relation to conveyancing in Fulwell.
I have 7378 less than 75 years remaining on my lease and need a lease extension for my flat in Fulwell. Conveyancing solicitors on the Chelsea Building Society 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. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 12/10/2019 the requirements read as follows :
We are downsizing from our house in Fulwell and according to the buyers it appears that there is a risk of it being built on contaminated land. Any high street Fulwell conveyancer would know this is not the case. It does beg the question why the buyers used a national conveyancing outfit as opposed to a conveyancing solicitor in Fulwell. Having lived in Fulwell for three years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain confirmation need.
It sounds as though you may have a conveyancing lawyer already. What do they say? 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)
How does conveyancing in Fulwell differ for newly converted properties?
Most buyers of new build property in Fulwell contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because developers in Fulwell typically 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 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 Fulwell or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and identified one near me in Fulwell I like with open areas and railway links nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Fulwell for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
How simple is it to change solicitor as I need to find one who is on the Aldermore conveyancing list. I was using a high street conveyancing solicitor in Fulwell round the corner but he is not approved by Aldermore
We will our best to assist in finding you a conveyancing solicitor in Fulwell on the Aldermore panel. Please note that the law firms that we on the directory do not pay us fee if you instruct them and are registered with the Solicitors Regulation Authority who regulate all conveyancing solicitors in Fulwell. Using search facility on this website, you can compare fees for conveyancing solicitors in Fulwell and throughout England and Wales.