The vendors of the house we are looking to purchase are using a conveyancing firm in Stoke Poges who has suggested a lock out contract with a non-refundable deposit 10k. Are such agreements sensible?
There are two primary downsides with executing a lock out agreement (sometimes termed an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing work, so unless it requires minimal or no negotiation then it may turn out to be a cause of frustration and delay. It is not particularly popular by Stoke Poges conveyancing practitioners for this reason. A supplemental issue is the extent of the remedies available - a jilted purchaser is not likely to secure an injunction to prohibit the seller completing the sale to another buyer, so the only remedy open via the agreement will be the recovery of abortive costs and, in restricted circumstances, the extra payment of damages.
We're in Stoke Poges, First timers buying with a mortgage (lender is HSBC , and our solicitor is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Various web forums that I have visited warn that are the primary reason for delay in Stoke Poges conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to be the root cause of slowing down conveyancing in Stoke Poges.
I have recentlybecome aware that Arc property Solicitors have closed. They carried out my conveyancing in Stoke Poges for a purchase of a leasehold apartment 9 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Stoke Poges conveyancing specialists.
How does conveyancing in Stoke Poges differ for newly converted properties?
Most buyers of new build property in Stoke Poges come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Stoke Poges typically buy 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 Stoke Poges or who has acted in the same development.
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Stoke Poges. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Stoke Poges ?
The majority of houses in Stoke Poges are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Stoke Poges in which case you should be shopping around for a Stoke Poges conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.