The vendors of the house we are looking to purchase hired a conveyancing practitioner in Barons Court who has recommended a preliminary contract with a deposit 6,000. Are such contracts recommended for Barons Court conveyancing transactions?
Exclusivity agreements are agreements between a home owner and prospective buyer giving the buyer a ‘clear field’ to purchase the property within an agreed time frame. Essentially, a lock out is a document specifying that you will receive a contract at a later date being the main conveyancing contract. It tends to be utilised for buyer assurance though in many situations, the owner may stand to benefit from such agreements as well. There are many positives and negatives to having an agreement but you need to check with your conveyancer but beware that it may end up incurring more in conveyancing fees. In light of these reasons these agreements are not popular when it comes to conveyancing in Barons Court.
We see that you have a search directory listing solicitors on the Barclays conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Barons Court?
We are a listing service only for law firms wishing to communicate if they are on the Barclays conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Barons Court.
How does conveyancing in Barons Court differ for new build properties?
Most buyers of new build or newly converted property in Barons Court contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Barons Court typically purchase 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 used to new build conveyancing in Barons Court or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Barons Court I like with amenity areas and railway links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Barons Court in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
Is it best to use a Barons Court conveyancing solicitor based in the vicinity that I am buying? I have an old university friend who can carry out the conveyancing but they are based 300kilometers away.
The benefit of a local Barons Court conveyancing practice is that you can attend the office to sign documents, hand in your identification documents and apply pressure on them if necessary. Having local Barons Court know how is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and on the whole were impressed that must trump using an unfamiliar Barons Court conveyancing solicitor solely due to them being based in the area.