The vendors of the house we are hoping to buy are using a conveyancing practitioner in West Sussex who has recommended a exclusivity agreement with a deposit 6,000. Is it wise to enter into such agreements?
Lock out agreements are agreements binding a home owner and purchaser giving the buyer a ‘clear field’ to the sale of the property within an agreed time frame. Essentially, an exclusivity agreement is a contract specifying that you will receive a contract at a later date being the contract for the actual sale. It tends to be utilised for buyer assurance though in some cases, the vendor may stand to benefit from such agreements as well. There are numerous pros and cons to using an agreement but you need to check with your lawyer but beware that it may result in incurring extra in conveyancing charges. In light of these reasons these contracts are rare when it comes to conveyancing in West Sussex.
I am selling my flat in West Sussex. Will the lawyer have to be required to be on the UBS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the UBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
Are there restrictive covenants that are commonly picked up during conveyancing in West Sussex?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in West Sussex. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in West Sussex differ for newly converted properties?
Most buyers of new build premises in West Sussex come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in West Sussex typically buy 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 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 West Sussex or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and identified one close by in West Sussex I like with open areas and station in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in West Sussex suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
My company is looking to lease a unit on a shopping parade. Can you recommend conveyancers offering fixed charges for commercial conveyancing in West Sussex for less than £1,200?
We can recommend firms who have an in-depth of experience of commercial conveyancing in West Sussex, including the sale and acquisition of businesses as well as simply property. If you are looking to buy or sell a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right lawyer. As for the costs this will depend on the structure and nuances of the deal. Please provide us with your details or call so as to enable us to provide you with a fixed commercial conveyancing calculation.