The sellers of the house we are hoping to buy are using a conveyancing practitioner in Lancashire who has insisted on a preliminary contract with a down payment 10k. Are such agreements appropriate for Lancashire conveyancing transactions?
This kind of agreement isn't frequently used in Lancashire, conveyancers will often try and steer clients away from them as they divert attention from the primary focus, namely conveyancing and if you end up having your deposit forfeited then the solicitor is left exposed. Furthermore, there is no guarantee that just because the owner has signed a lock out agreement they will complete the sale with you. They may be motivated to break the contract if they receive a big enough offer to do so because a wronged claimant with the benefit of a lockout agreement will still be obliged establish consequential losses from the breach and this may not amount to the extra amount that the owner may secure by breaking the agreement, no matter how morally shameful it undoubtedly is.
When will exchange of contracts happen for sale conveyancing in Lancashire and do I need to attend the lawyers branch?
If you are round the corner to our conveyancing solicitors in Lancashire you are welcome to come in to sign contracts. That being said, the firms we recommend offer countrywide coverage for conveyancing and provide just as diligent and professional a job for you when communicating with you by post or email. The executing of the purchase agreement is not when everything is set in stone. A signed contract simply enables the firm to officially exchange when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Lancashire)to be in the office available at the end of the phone to exchange contracts.
How does conveyancing in Lancashire differ for new build properties?
Most buyers of new build residence in Lancashire approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because developers in Lancashire usually purchase the real estate, 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 conveyancers 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 Lancashire or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Lancashire I like with open areas and station nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Lancashire suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Why do Lancashire conveyancing costs are higher for leasehold and freehold properties?
Leasehold conveyancing in Lancashire more often than not will involve additional work including reviewing the lease, communicating with the landlord, obtaining up to date rent receipts, landlord’s consents, management company’s accounts etc.