The sellers of the property we are purchasing are using a conveyancing solicitor in Tywyn who has recommended a lock out agreement with a down payment 6,000. Is it wise to enter into such agreements?
This form of agreement isn't common in Tywyn, conveyancers are often inclined to veer clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer is left exposed. Secondly, there is no assurance that just because the seller has entered into a lock out contract they will sell to you. They may be tempted to break the agreement if they receive sufficient offer to do so because a wronged claimant with the benefit of a exclusivity agreement will still be duty bound to show losses as a consequence of the breach and this may not amount to the financial upside that your vendor may obtain by breaking the agreement, no matter how morally condemnable the behaviour is.
It is 10 years ago since I purchased my property in Tywyn. Conveyancing solicitors have just been retained on the sale but I can't locate my deeds. Is this a major issue?
You need not be too concerned. First there is a possibility that the deeds will be retained by your mortgage company or they may be archived with the lawyers who oversaw the purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Nearly all conveyancing in Tywyn relates to registered property but in the rare situation where your property is not registered it is more of a problem but is not insurmountable.
I need some quick conveyancing in Tywyn as I am under an ultimatum to sign on the dotted line inside one month. A home loan is not required. Can I avoid the conveyancing searches to save fees and time?
If.Given you are are a mortgage free purchaser you are at liberty not to do searches although no solicitor would suggest that you don't. Drawing on our experience of conveyancing in Tywyn the following are examples of issues that can show up and therefore impact the marketability of the property: Refused Planning Applications, Overdue Fees, Overdue Grants, Unadopted Roads,...
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Tywyn I like with a park and transport links in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Tywyn suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the shortness of the lease will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
When it comes to my conveyancing in Tywyn should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Tywyn conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.