The owners of the property we are looking to purchase are using a conveyancing solicitor in Oxshott who has suggested a lock out agreement with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
This kind of contract is unusual in Oxshott, conveyancers are often found to direct clients away from them as they detract from focusing on the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the proprietor has executed an exclusivity agreement they will sell to you. They may be in contravention of the contract if they are offered a big enough financial inducement to do so because an aggrieved claimant with the benefit of a exclusivity agreement will still be duty bound to show losses as a consequence of the breach and these may not equate the financial benefit that your seller may obtain by reneging on the agreement, no matter how morally reprehensible it undoubtedly is.
Do I need to visit the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Oxshott so that I can pop in to their offices if required.
These days approved lawyers for mortgage companies carry out the vast majority of communications via Royal Mail, internet or over phone calls. This enables them to carry out the conveyancing transaction regardless of where you live in England or Wales. Nevertheless you can check if you have the option of attending the offices of your conveyancing lawyer if you prefer.
Should our conveyancer be raising enquiries concerning flooding during the conveyancing in Oxshott.
Flooding is a growing risk for solicitors carrying out conveyancing in Oxshott. Plenty of people will buy a house in Oxshott, completely aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Oxshott. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to find out whether the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the seller, then a buyer may issue a legal claim for losses stemming from an incorrect reply. A purchaser’s solicitors may also conduct an enviro report. This should indicate if there is any known flood risk. If so, further investigations will need to be conducted.
It has been 4 months following my purchase conveyancing in Oxshott completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £305k and identified one round the corner in Oxshott I like with open areas and transport links in the vicinity, however it's only got 51 remaining years left on the lease. There is not much else in Oxshott suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months 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 current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.