We have very brash vendors who has recommended a preliminary agreement with a payment 6,000. Are such arrangements promoted for Fenham conveyancing transactions?

Lock out contracts are contracts between a home vendor and prospective buyer granting the buyer the sole right to the sale of the property within an agreed time frame. Essentially, an exclusivity is a document specifying that you should receive a contract at a later time which is the main conveyancing contract. It is generally utilised for buyer protection though in many situations, the seller may enjoy an upside from such agreements as well. There are various positives and negatives to using an agreement but you need to check with your solicitor but beware that it may result in costing you extra in conveyancing charges. For these reasons these contracts are rare in relation to conveyancing in Fenham.

Please explain the implications if my lawyer’s firm is expelled from the Kent Reliance Conveyancing panel ahead of completing my conveyancing in Fenham?

First, this is a very rare occurrence. 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.

How does conveyancing in Fenham differ for new build properties?

Most buyers of new build premises in Fenham approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because house builders in Fenham typically acquire 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 Fenham or who has acted in the same development.

My uncle has urged me to use his conveyancers in Fenham. Should I choose my own solicitor?

No doubt it’s preferable to choose a conveyancing solicitor is to seek guidance from friends or relatives who have used the firm that you are are thinking of instructing.

Last March I purchased a leasehold flat in Fenham. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Fenham Leasehold Conveyancing - A selection of Queries before Purchasing

For many Fenham leaseholds the cost for major works tend not to be included within service charges, albeit that a few managing agents in Fenham obliged tenants to pay into a sinking fund and this is used to offset against major repairs or maintenance. The answer will be important as a) areas could result in problems for the building as the communal areas may begin to deteriorate if repairs are not paid for b) if the tenants have an issue with the running of the building you will wish to have all the details How many of the leaseholders are in arrears for their maintenance charge payments?