The sellers of the home we are hoping to buy have instructed a conveyancing solicitor in Sandbanks who has recommended a preliminary agreement with a down payment two thousand pounds. Are such agreements sensible?
Exclusivity contracts are agreements between a property seller and purchaser granting the buyer a ‘clear field’ to the sale of the property for a set period of time. For all intents and purposes, a lock out agreement is a contract stating that you should be issued with a contract at a later date being the contract for the actual sale. It is generally utilised for buyer protection though in some cases, the owner may enjoy an upside from such agreements as well. There are many positives and negatives to using them but you need to check with your solicitor but note that it may result in costing you extra in conveyancing charges. For this these contracts are avoided in relation to conveyancing in Sandbanks.
Will lawyers request an advanced payment when it comes to conveyancing in Sandbanks?
Where you are retaining lawyers for conveyancing in Sandbanks your lawyer will ask you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the total price then this will be needed immediately in advance of contracts are exchanged. The final balance that is needed should be sent to your lawyer a few days prior to the completion date.
My wife and I are planning on selling our house in Sandbanks and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any high street Sandbanks conveyancer would know that there is no such problem. It does beg the question why the buyers instructed an online conveyancing outfit rather than a conveyancing solicitor in Sandbanks. We have lived in Sandbanks for many years we know that this is a non issue. Do we get in touch with our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You need to check with 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 illness)
How difficult is it to change conveyancer as I need to appoint one who is on the Leeds Building Society conveyancing list. I was using a family conveyancing solicitor in Sandbanks five minutes from me but the firm is not approved by Leeds Building Society
It would be our pleasure to help you find a conveyancing solicitor in Sandbanks on the Leeds Building Society panel. Please note that the solicitors that we list do not pay us fee if you instruct them and are under regulation of the SRA who regulate all conveyancing solicitors in Sandbanks. In utilising search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Sandbanks.
Can you provide any advice for leasehold conveyancing in Sandbanks from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Sandbanks can be reduced if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers’ lawyers. Some Sandbanks leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Sandbanks state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. Should you fail to have the approvals in place you should not contact the landlord without checking with your lawyer in the first instance. You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
Sandbanks Leasehold Conveyancing - Examples of Questions you should consider before buying
You should be aware if it is fewer than 80 years it will affect the marketability of the apartment. Check with your bank that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of what this will be. For most Sandbankslease extensions you will be be obliged to have owned the property for two years before you are eligible to exercise a lease extension. Many Sandbanks leasehold flats will be liable to pay a service charge for maintenance of the block invoiced by the management company. If you purchase the apartment you will have to pay this amount, normally quarterly accross the year. This can vary from a few hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all probability there will be a ground rent for you to pay annual, ordinarily this is not a significant sum, say about £50-£100 but you should to enquire as occasionally it can be prohibitively expensive.