The owners of the home we are purchasing have appointed a conveyancing firm in Farnborough who has recommended a preliminary contract with a deposit two thousand pounds. Are such contracts promoted for Farnborough conveyancing transactions?
This type of agreement isn't frequently used in Farnborough, conveyancers are not keen on them as they detract from focusing on the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer is left exposed. In addition, there is no assurance that just because the owner has executed an exclusivity contract they will sell to you. They may be in contravention of the contract if they receive a big enough financial inducement to do so because a wronged claimant with the benefit of a lockoutcontract will still be duty bound to establish consequential losses from the breach and this may not amount to the financial benefit that your seller may obtain by breaking the agreement, no matter how morally condemnable it undoubtedly is.
I am the registered owner of a freehold house in Farnborough but still pay rent, why is this and what is this?
It is rare for properties in Farnborough and has limited impact for conveyancing in Farnborough but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
How does conveyancing in Farnborough differ for new build properties?
Most buyers of new build or newly converted property in Farnborough contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Farnborough usually purchase 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 Farnborough or who has acted in the same development.
Given that I am about to part with hundreds of thousands of pounds on a two bedroom apartment in Farnborough I wish to have a conversation with the solicitor concerning thehome move prior to appointing the firm. Is this something that you can arrange?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer due to be carrying out your conveyancing in Farnborough.There is no ‘factory style conveyancing’ - every client is unique person, not a file number. The solicitors that we put you in touch with believe that the figure you are quoted for residential conveyancing in Farnborough should be the figure that you end up paying.
When it comes to my conveyancing in Farnborough should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Farnborough conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.