We have very pushy vendors who has insisted on a lock out agreement with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
Lock out agreements are agreements binding a property vendor and prospective buyer granting the buyer exclusive rights to the sale of the premises for a limited period of time. Essentially, a lock out is a document specifying that you will have a contract at a later date which is the main conveyancing contract. It is generally used for buyer protection though in some cases, the proprietor may enjoy an upside from such agreements as well. There are many positives and negatives to using an agreement but you should to check with your lawyer but beware that it may result in costing you more in conveyancing charges. For these reasons these contracts are not popular when it comes to conveyancing in Cilcain.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Conveyancing panel ahead of completing my conveyancing in Cilcain?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I have been told that property searches are the primary cause of stalling in Cilcain conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Cilcain.
2 months have elapsed since my purchase conveyancing in Cilcain concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
In what way can the Landlord & Tenant Act 1954 impact my business offices in Cilcain and how can you help?
The 1954 Act gives security of tenure to business tenants, giving them the legal entitlement to make a request to court for a renewal lease and continue in occupation at the end of an expired lease. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Cilcain is one of the hundreds of locations in which the firms we work with have offices