We have rather pushy sellers who has insisted on a exclusivity contract with a deposit of 5k. Are such arrangements recommended for Glastonbury conveyancing transactions?
Lock out contracts are agreements binding a property seller and prospective acquirer granting the buyer exclusive rights to the sale of the property within a prescribed time frame. Essentially, an exclusivity agreement is a contract stating that you will be issued with a contract at a later time being the contract for the actual sale. It tends to be utilised for buyer protection though in some cases, the owner may enjoy an upside from such agreements as well. There are many pros and cons to having them but you need to check with your solicitor but beware that it may result in incurring extra in conveyancing fees. For these reasons these agreements are unusual when it comes to conveyancing in Glastonbury.
We had instructed solicitors located in Glastonbury on the Virgin Money solicitor approved list. They have just invoiced me a separate sum for dealing with the Virgin Money mortgage. Is this a supplemental conveyancing fee set by Virgin Money?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your solicitor can levy a fee for this. The charge is not set by Virgin Money but by your Glastonbury solicitor. Plenty of firms on the Virgin Money panel will charge an ‘acting for lender’ fee but some practices incorporate it on their overall fee.
I had a mortgage agreed in principle with Clydesdale. Glastonbury conveyancing practitioners are instructed. How long does it take for Clydesdale to send the offer to the conveyancing practitioner?
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? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Our sealed bid on a semi in Glastonbury has been accepted, but there is a chain. The owners have put an offer on on an apartment, however it’s not been accepted yet, and are looking at other apartments in the pipeline. I have selected a high street conveyancing solicitor in Glastonbury. What should be my next step? At what stage should I apply for the mortgage with Virgin Money?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx one thousand pounds, then valuation, Glastonbury conveyancing search costs, etc). The first course of action is to check that your conveyancing practitioner is on the Virgin Money approved list. Concerning the next steps this very much depends on the circumstances of your case, attraction to the property and on the state of the market. In a rising market some home buyers would apply for a home loan with Virgin Money and pay for the valuation and only if it comes back ok would they request their property lawyer to press on with searches.
How does conveyancing in Glastonbury differ for newly converted properties?
Most buyers of new build or newly converted property in Glastonbury contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Glastonbury usually purchase the real estate, 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 property lawyers 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 Glastonbury or who has acted in the same development.
I am looking for a flat up to £235,500 and found one near me in Glastonbury I like with a park and railway links nearby, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Glastonbury for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I am looking to sell my house. My previous solicitors closed down. It would be helpful to have a recommendation of a conveyancing firm. Im based in Glastonbury if that makes a difference.
Do use our search tool to help you find a solicitor for your conveyancing in Glastonbury. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
I am in need of some leasehold conveyancing in Glastonbury. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Glastonbury - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Glastonbury Leasehold Conveyancing - Sample of Queries before Purchasing
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Does the lease include onerous restrictions? It is important to be aware whether a new roof is being installed or some other major work is due in the near future that will be shared amongst the leaseholders and will materially impact the level of the maintenance charges or result in a one off invoice. How long is the Lease?