We have very assertive sellers who has insisted on a lock out agreement with a payment 10k. Are such agreements sensible?
This form of arrangement isn't frequently used in Axbridge, conveyancers are often inclined to direct clients away from them as they detract from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the owner has signed an exclusivity contract they will sell to you. They may be in contravention of the contract if they receive a big enough offer to do so because a wronged purchaser with the benefit of a exclusivitycontract will still be duty bound to show losses as a consequence of the breach and these may not equalise the financial upside that the owner may gain by reneging on the agreement, however morally condemnable the behaviour is.
My aunt passed away six months ago and as sole heir and executor I was left the house in Axbridge. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this allowed?
If you intend to refinance then RBS will insist on your using a conveyancer on the RBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS mortgage is registered as a charge at the Land Registry.
Will our solicitor be raising enquiries concerning flooding as part of the conveyancing in Axbridge.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Axbridge. There are those who acquire a property in Axbridge, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a number of checks that can be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in Axbridge. The conventional set of property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to find out whether the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the vendor, then a buyer may issue a compensation claim resulting from an inaccurate answer. The purchaser’s conveyancers will also conduct an enviro search. This will reveal whether there is a recorded flood risk. If so, more detailed investigations will need to be conducted.
I have recentlydiscovered that Action Conveyancing have been shut down. They conducted my conveyancing in Axbridge for a purchase of a freehold house 12 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The easiest method to see if the property is in your name, 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 Axbridge conveyancing specialists.
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