We have very pushy vendors who has insisted on a exclusivity agreement with a deposit 6,000. Is it wise to enter into such agreements?
There are a couple of main drawbacks with executing a lock out contract (sometimes known as a no-shop agreement) is that it diverts attention away from progressing with the conveyancing work, so unless it requires little or no negotiation then it may transpire to be a cause of frustration and delay. It is not promoted amongst Epsom conveyancing solicitors for this reason. A further negative is the extent of the remedies available - a jilted purchaser is very unlikely to be granted injunctive relief to prevent the seller completing the sale to another buyer, so the only remedy available under the agreement will be the recovery of abortive costs and, in restricted situations, the additional payment of damages.
My mortgage company has recommended a law firm on their panel based in Epsom but I would rather use a conveyancing lawyer in Epsom local to me. Can you help?
Not all Epsom conveyancing firms are on all banks conveyancing panel. Please make the most of our find an approved solicitor tool to find a Epsom conveyancing solicitor on the on the lender panel.
I own a 4 bedroom Georgian house in Epsom. Conveyancing practitioner represented me and Britannia. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should review 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 Epsom and other locations in 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 lenders. You can also check the position with the conveyancing solicitor who conducted the conveyancing.
How does conveyancing in Epsom differ for new build properties?
Most buyers of new build or newly converted property in Epsom approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because house builders in Epsom tend to buy the site, 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 property lawyers 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 Epsom or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Epsom I like with a park and station in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Epsom in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.