The owners have rather brash vendors who has suggested a lock out contract with a non-refundable deposit 6,000. Are such agreements sensible?
Exclusivity agreements are contracts binding a property owner and prospective buyer giving the buyer the sole right to the sale of the property for a limited period of time. For all intents and purposes, a lock out is a document stating that you will have a contract at a later time which is the main conveyancing contract. It tends to be utilised for buyer confidence though in some cases, the vendor may stand to benefit from such agreements as well. There are numerous pros and cons to using them but you should to check with your conveyancer but note that it may result in incurring extra in conveyancing fees. In light of these reasons these agreements are unusual when it comes to conveyancing in St Bees.
I am close to exchanging contracts on the sale of our home in St Bees and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. Any local conveyancer would know this is not the case. It does beg the question why the purchasers are using a factory type conveyancing practice rather than a conveyancing solicitor in St Bees. Having lived in St Bees for three years we know of no issue. Should we get in touch with our local Authority to obtain clarification that there is no issue.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You must 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 health insurance to cover that same illness)
Just had an offer accepted on a new build flat in St Bees. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in St Bees
Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are surveyor prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I am looking for a flat up to £305k and identified one near me in St Bees I like with open areas and railway links in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in St Bees in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Two months into purchasing a property in St Bees. Conveyancing lawyer has phoned to say the title is "Leasehold". Does this adversely affect the salability of the house?
St Bees conveyancing does not ordinarily involve leasehold houses. The main consideration here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to affect the value significantly.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a adverse impact on the saleability, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease to be supplied to your lawyer.