The vendors of the house we are purchasing hired a conveyancing solicitor in Northam who has insisted on a preliminary contract with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
Exclusivity agreements are agreements between a home seller and prospective acquirer granting the buyer exclusive rights to purchase the property for a certain period of time. For all intents and purposes, an exclusivity agreement is a contract stating that you will receive a contract at a later date which is 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 numerous positives and negatives to having an agreement but you should to check with your lawyer but beware that it may result in costing you more in conveyancing fees. In light of these reasons these contracts are not popular in relation to conveyancing in Northam.
Do I need to attend the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Northam so that I can pop in to their offices if required.
These days approved lawyers for lenders undertake all of the communications via Royal Mail, e-mail or over phone calls. This means that they can undertake the conveyancing transaction no matter where you live in England or Wales. Nevertheless you should check if you have the option of attending the offices of your conveyancing lawyer if just in case this is required.
Various web forums that I have come across warn that are a common reason for delay in Northam conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Northam.
How does conveyancing in Northam differ for newly converted properties?
Most buyers of new build residence in Northam approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Northam 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 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 Northam or who has acted in the same development.
I am looking into buying my first house which is in Northam and I am already nervous. I couldn't find anything specific about Northam. Conveyancing will be needed in due course but do you know about the Northam area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Northam. In the meantime here are some basic statistics that we found
At what stage do I cover the costs of the Stamp Duty Land Tax payable for my Northam flat purchase?
Most lawyers tend to fill out a Land Transaction Return Form for you during your Northam purchase transaction for signature. After completion your solicitor will submit the Land Transaction Return Form to the Tax Authorities and - as long as they have the money - settle any Stamp Duty due on your behalf.