The sellers of the property we are hoping to buy are using a conveyancing practitioner in Lanchester who has suggested a preliminary agreement with a non-refundable deposit two thousand pounds. Are such agreements sensible?
This kind of arrangement isn't common in Lanchester, conveyancers are not keen on them as they detract from focusing on the primary objective, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. In addition, there is no assurance that just because the owner has signed a lock out agreement they will sell to you. They may be in contravention of the contract if they receive a large enough incentive to do so because a wronged buyer with the benefit of a lockoutcontract will still be duty bound to show losses as a consequence of the breach and this may not compare to the extra amount that your seller may secure by breaking the contract, however morally condemnable that may be.
Have purchased a a semi-detached house in Lanchester , how long will it take for the Land Registry to deal with the formalities evidencing my ownership? My Lanchester conveyancing solicitor works at snail pace, so I want to check that my purchase is registered.
As far as conveyancing in Lanchester is concerned, registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can differ subject to who lodges the application, whether it is in order and if the Land registry must send notices to any interested parties. As of today in the region of three quarters of submission are fully addressed in less than three weeks but occasionally there can be longer delays. Registration is effected after the new owner is living at the premises so an expedited registration is not always top priority but if there is a degree of urgency associated with the registration then you or your solicitor could speak with the land registry and explain the circumstances.
How does conveyancing in Lanchester differ for newly converted properties?
Most buyers of new build property in Lanchester approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Lanchester typically purchase 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 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 Lanchester or who has acted in the same development.
I am looking for a leasehold apartment up to £235,500 and identified one near me in Lanchester I like with amenity areas and station in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Lanchester suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Do I need to be suspicious about estate agents that I am dealing with are encouraging me to use a factory type conveyancing firm as opposed to a High Street Lanchester conveyancing company?
As is the case with lots of service providers, often input from connections can be most helpful. But there are many players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may put forward conveyancers to retain. Sometimes these lawyers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes commercial relationship behind the recommendation. You are free to select your preferred lawyer. You need to be aware that the majority of lenders specify a panel list of lawyers you must use for the mortgage aspect of your transaction.