We have rather pushy vendors who has suggested a lock out contract with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
This kind of arrangement is unusual in Salcombe, conveyancers are not keen on them as they detract from the main conveyancing focus and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the owner has executed an exclusivity contract they will sell to you. They may breach the contract if they are offered sufficient incentive to do so because an aggrieved buyer with the benefit of a lockout agreement will still have to show losses as a consequence of the breach and these may not compare to the extra amount that your seller may gain by reneging on the contract, no matter how morally unworthy the behaviour is.
Will lawyers ask for an advanced payment for conveyancing in Salcombe?
Where you are retaining lawyers for conveyancing in Salcombe your solicitor will request that you put them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the total price then this will be needed immediately before exchange of contracts. Any further balance that is needed should be sent to your lawyer shortly before completion.
How does conveyancing in Salcombe differ for newly converted properties?
Most buyers of new build or newly converted property in Salcombe come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because builders in Salcombe tend to acquire 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 Salcombe 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 found one close by in Salcombe I like with amenity areas and railway links nearby, however it only has 51 years on the lease. There is not much else in Salcombe in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage that many years may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Am I right to be suspicious that estate agents that I am dealing with are recommending a web based conveyancing firm as opposed to a High Street Salcombe conveyancing company?
As is the case with lots of professional services, often suggestions from relatives can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing matter; estate agents, financial adviser and lenders might all put forward lawyers to instruct. Sometimes these lawyers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes commercial relationship behind the endorsement. You have the right to choose your own conveyancer. However, bear in mind that most banks specify a panel list of solicitors you have to use for the lender related work in your home move.
We are in the process of buying a home in Salcombe. Conveyancing is not complete but we would like keep the amount we are are buying for confidential from sites such as Zoopla. what can I do to ensure this is not revealed?
HM Land Registry by statute are obliged to specify price paid data on a register of the title for domestic properties countrywide including premises in Salcombe. The register of title is an open document, so HM Land Registry would be breaching their statutory duty excluded specific properties such as your property in Salcombe.
In essence you can make a request of the Land Registry to hide the amount paid data but the response will be in the negative.