We have very pushy sellers who has recommended a exclusivity agreement with a deposit two thousand pounds. Is it wise to enter into such agreements?
Lock out agreements are agreements between a property owner and prospective buyer giving the buyer exclusive rights to purchase the property within a prescribed time frame. For all intents and purposes, an exclusivity is a document stating that you should receive a contract at a later date which is the main conveyancing contract. It tends to be used for buyer protection though in some cases, the vendor may enjoy an upside from such agreements as well. There are many pros and cons to using an agreement but you should to check with your conveyancer but note that it may end up incurring more in conveyancing charges. For these reasons these contracts are not popular when it comes to conveyancing in Horley.
My relative advised me that if I am buying in Horley I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Horley conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Horley around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Horley Education with maps and statistics, Local Amenities and other useful information regarding Horley.
It has been three months since my purchase conveyancing in Horley completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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.
How does conveyancing in Horley differ for newly converted properties?
Most buyers of new build residence in Horley approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Horley tend to acquire the land, 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 Horley or who has acted in the same development.
I was recommended by a few selling agents in Horley to choose a solicitor on your site. Is there a financial inducement for Estate Agents to recommend your lawyers over alternative conveyancing organisations?
We don’t offer any commission for directing people our way. We found it would be just too difficult a fee because a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
We are midway through purchasing a residence in Horley. Conveyancing solicitor has called to say the title is "Leasehold". Should this make a difference on our lender’s valuation?
Horley conveyancing does not in most situations involve leasehold houses. The key consideration here is the length of lease and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's virtually freehold, so it shouldn't impact the saleability significantly.
At the other extreme, if it's, say, fifty five years it is bound to have a material effect on the saleability, and most likely wouldn't be mortgageable. The remaining lease term and ground rent will be specified in the lease provided to your conveyancing practitioner.