We have rather assertive sellers who has suggested a lock out contract with a down payment of 5k. Are such agreements appropriate for Prestbury conveyancing transactions?
Lock out contracts are agreements between a home owner and purchaser giving the buyer a ‘clear field’ to the sale of the premises within a prescribed time frame. Essentially, an exclusivity agreement is a contract stating that you should receive a contract at a later time being the contract for the actual sale. It is generally used for buyer confidence though in many situations, the vendor may enjoy an upside from such agreements as well. There are numerous positives and negatives to having them but you should to check with your solicitor but beware that it may result in incurring more in conveyancing fees. In light of these reasons these agreements are rare when it comes to conveyancing in Prestbury.
I am the registered owner of a freehold residence in Prestbury but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Prestbury and has limited impact for conveyancing in Prestbury 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 fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Do I have to pop into the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Prestbury so that I can attend their offices if necessary.
As opposed to 12 years ago, most banks no longer need their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to supply identification documents and there are still distinct advantages to instructing a local solicitor, in your situation a conveyancing solicitor in Prestbury.
We are selling our house in Prestbury and according to the buyers it appears that there is a risk of it being built on contaminated land. A local conveyancer would know that there is no such problem. It does beg the question why the buyers are using a national conveyancing firm as opposed to a conveyancing solicitor in Prestbury. Having lived in Prestbury for three years we know that this is a non issue. Do we get in touch with our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
My husband and I are FTB’s - agreed a price, yet the agent told us that the seller will only move forward if we use their recommended conveyancers as they are insisting on a ‘quick sale’. We would rather use a high street conveyancer who is familiar with conveyancing in Prestbury
We suspect that the owner is unaware of this ultimatum. Should the vendor require ‘a quick sale', alienating a serious purchaser is counter productive. Contact the sellers directly and explain that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you are going to appoint your own,trusted Prestbury conveyancing solicitors - as opposed tothose that will provide their estate agent a kickback or hit his conveyancing targets demanded by corporate headquarters.