We have rather assertive sellers who has suggested a lock out agreement with a down payment of 5k. Are such contracts generally advanced for Weymouth conveyancing transactions?
Exclusivity agreements are contracts binding a home vendor and purchaser giving the buyer the sole right to purchase the premises within a prescribed time frame. For all intents and purposes, a lock out agreement is a contract specifying that you will receive a contract at a later date being the contract for the actual sale. It tends to be used for buyer protection though in many situations, the vendor may enjoy an upside from such agreements as well. There are various positives and negatives to using an agreement but you should to check with your lawyer but note that it may result in costing you extra in conveyancing charges. For these reasons these contracts are not popular in relation to conveyancing in Weymouth.
Do lawyers request money up-front for conveyancing in Weymouth?
Where you are retaining lawyers for conveyancing in Weymouth your solicitor will request that you put them with funds to cover the search fees. Ordinarily this is requested to cover the fees of the Local Authority Search. When the deposit is payable against the total price then this should be needed immediately ahead of exchange of contracts. The final balance that is needed will be payable shortly before completion.
It has been three months since my purchase conveyancing in Weymouth concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Weymouth differ for new build properties?
Most buyers of new build residence in Weymouth come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Weymouth typically buy the real estate, 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 property lawyers 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 Weymouth or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Weymouth prior to retaining solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some banks will refuse to issue a mortgage on this type of house.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. If you call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Weymouth. Conveyancing may be slightly more expensive based on your lender's requirements.