The vendors of the house we are hoping to buy hired a conveyancing firm in Gwersyllt who has suggested a exclusivity contract with a payment 6,000. Are such agreements sensible?
There are a couple of main concerns with executing a lock out agreement (also termed a shut-out contract) is that it diverts attention away from moving forward with the conveyancing process, so in the absence of it needing minimal or no negotiation then it may transpire to be a cause of frustration and delay. It is not particularly popular amongst Gwersyllt conveyancing practitioners as a result. The other main negative is the extent of the remedies available - an aggrieved purchaser is not likely to be granted injunctive relief to stop the vendor disposing of the property to a third party, so the only remedy available under the contract will be the recovery of abortive charges and, in limited circumstances, the additional payment of damages.
My fiance and I wish to acquire a newly converted flat in Gwersyllt with a mortgage from Birmingham Midshires.We use our Gwersyllt conveyancing practitioner but Birmingham Midshires informed us her practice is not listed on their approved list of firms. We have to appoint a Birmingham Midshires panel firm or keep our preferred solicitor and fork out for a Birmingham Midshires panel lawyer to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The loan issued to you contains terms and conditions, one of which will be that lawyers must be on the Birmingham Midshires conveyancing panel. Until recently, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Birmingham Midshires
three months have gone by following my purchase conveyancing in Gwersyllt completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 property 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 Gwersyllt differ for newly converted properties?
Most buyers of new build premises in Gwersyllt come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Gwersyllt typically acquire 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 conveyancers 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 Gwersyllt or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Gwersyllt I like with a park and railway links in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Gwersyllt for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage that many years will be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 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 term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.