The owners of the home we are purchasing are using a conveyancing solicitor in Stechford who has suggested a preliminary contract with a non-refundable deposit 6,000. Are such agreements recommended for Stechford conveyancing transactions?
There are a couple of main downsides with executing a lock out contract (also referred to as a shut-out contract) is that it takes away the focus from progressing with the conveyancing transaction itself, so unless it requires limited or no negotiation then it could turn out to be a cause of frustration and delay. It is not strongly advocated amongst Stechford conveyancing lawyers for this reason. A further negative is the extent of the remedies available - an aggrieved purchaser is extremely unlikely to obtain an injunctive ruling by a court to prevent the seller selling to an alternative purchaser, so the only remedy open via the agreement will be the recovery of wasted charges and, in rare situations, the additional payment of penalties.
I am selling our home in Stechford and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers instructed an online conveyancing firm as opposed to a conveyancing solicitor in Stechford. Having lived in Stechford for three years we know of no issue. Do we contact our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing firm already. 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 life insurance to cover that same sickness)
Hoping to buy a property located in Stechford and I am already nervous. I couldn't find anything specific about Stechford. Conveyancing will be needed in due course but do you know about the Stechford area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Stechford. In the meantime here are some basic statistics that we found
As co-executor for the will of my aunt I am selling a property in Newport but I am based in Stechford. My conveyancer (approximately 200 miles awayrequires that I sign a stat dec before the transaction finalising. Could you suggest a conveyancing practitioner in Stechford to witness this legal document for me?
Technically speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will be fine regardless of whether they are Stechford based
I work for a busy estate agent office in Stechford where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Stechford conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Stechford Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
Does the lease contain onerous restrictions? You should be aware if it is less than 80 years it will impact the marketability of the apartment. Check with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and it is worth discovering what this would cost. Remember, in most cases you will be be obliged to have owned the property for 24 months before you are entitled to carry out a lease extension. How many years remain on the lease?