The owners of the home we are purchasing have instructed a conveyancing solicitor in Sidmouth who has suggested a lock out contract with a payment of 5k. Is it wise to enter into such agreements?
There are two primary drawbacks with signing a lock out contract (occasionally referred to as an exclusivity agreement) is that it takes away the focus from making progress with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it could transpire to be unhelpful. It is not particularly popular amongst Sidmouth conveyancing lawyers for this reason. The other main concern is the extent of the remedies available - a jilted purchaser should not expect to be issued with injunctive relief to stop the owner selling to an alternative purchaser, so the only remedy available under the contract will be the recovery of wasted charges and, in restricted situations, the extra payment of damages.
We are downsizing from our property in Sidmouth and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A high street Sidmouth conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers used a factory type conveyancing outfit rather than a conveyancing solicitor in Sidmouth. Having lived in Sidmouth for three years we know that this is a non issue. Should we get in touch with our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You should check with 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 health insurance to cover that same illness)
How does conveyancing in Sidmouth differ for newly converted properties?
Most buyers of new build property in Sidmouth approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Sidmouth usually purchase 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 accustomed to new build conveyancing in Sidmouth or who has acted in the same development.
I was recommended by numerous estate agents in Sidmouth to find a conveyancer on your site. What’s the financial incentive for Estate Agents to offer your lawyers over alternative conveyancing organisations?
We don’t make any referral fee for pointing buyers and sellers our way. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Should I appoint a Sidmouth conveyancing solicitor who is local to the property I am buying? We have a good friend who can conduct the conveyancing but her office is 400miles away.
The primary upside of using a local Sidmouth conveyancing practice is that you can pop in to sign documents, hand in your identification documents and apply pressure on them if necessary. They will also have local knowledge which is a plus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and they were happy that should surpass using an unknown Sidmouth conveyancing solicitor just because they are round the corner.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £325,000 garden flat in Sidmouth on Monday in a week. The landlords agents has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Sidmouth?
For the majority of leasehold sales in Sidmouth conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Answering pre-exchange questions
Where consent is required before sale in Sidmouth
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Sidmouth - Examples of Questions you should ask Prior to Purchasing
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Who manages the building? What is the the remaining lease term? Is anyone aware of any major works in the near future that could add a premium to the maintenance fees?