We have very pushy sellers who has recommended a exclusivity contract with a down payment two thousand pounds. Is it wise to enter into such agreements?
This form of contract isn't common in St Leonards On Sea, conveyancers are not keen on them as they detract from focusing on the primary focus, namely conveyancing 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 certainty that just because the seller has signed a lock out agreement they will complete the sale with you. They may be in contravention of the agreement if they are offered sufficient financial inducement to do so because an aggrieved buyer with the benefit of a exclusivitycontract will still be obliged establish consequential losses from the breach and these may not equalise the financial benefit that your seller may gain by breaching the contract, no matter how morally condemnable that may be.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in St Leonards On Sea. The house had a small mortgage remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this possible?
If you plan to re-mortgage then RBS will require that you use a conveyancer on the RBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS mortgage is registered as a charge at the Land Registry.
How does conveyancing in St Leonards On Sea differ for new build properties?
Most buyers of new build premises in St Leonards On Sea approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in St Leonards On Sea tend to buy 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 conveyancing solicitors 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 accustomed to new build conveyancing in St Leonards On Sea or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in St Leonards On Sea I like with a park and station in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in St Leonards On Sea suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Am I better off to appoint a St Leonards On Sea conveyancing practitioner in close proximity to the house I am buying? We have a good friend who can perform the legal work but they are based approximately 350miles away.
The benefit of a high street St Leonards On Sea conveyancing practice is that you can attend the office to execute paperwork, present your ID and apply pressure on them where appropriate. Having local St Leonards On Sea know how is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and on the whole were impressed that should surpass using an unknown St Leonards On Sea conveyancing lawyer just because they are local.