The vendors of the home we are looking to purchase have appointed a conveyancing solicitor in Colne who has suggested a preliminary contract with a down payment 10k. Is it wise to enter into such agreements?
Lock out agreements are contracts between a property vendor and purchaser granting the buyer a ‘clear field’ to purchase the premises for a limited period of time. Essentially, an exclusivity agreement is a contract stating that you should have a contract at a later date being the main conveyancing contract. It is generally utilised for buyer confidence though in some cases, the owner may stand to benefit from such agreements as well. There are many positives and negatives to using them but you need to check with your lawyer but note that it may end up costing you extra in conveyancing fees. In light of this these agreements are not popular when it comes to conveyancing in Colne.
What can a local search tell me regarding the house my wife and I purchasing in Colne?
Colne conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for instance PSG The local search is essential in every Colne conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
My wife and I purchased a renovated Edwardian house in Colne. Conveyancing practitioner represented me and Platform Home Loans Ltd. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Colne and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with the conveyancing practitioner who completed the work.
How does conveyancing in Colne differ for newly converted properties?
Most buyers of new build residence in Colne approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Colne tend to 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 Colne or who has acted in the same development.
My brother has encouraged me to use his conveyancing solicitors in Colne. Should I use them?
No doubt the best way to find a conveyancing lawyer is to seek feedback from friends or relatives who have actually previously instructed the conveyancer that you are are thinking of instructing.