The vendors of the property we are purchasing have instructed a conveyancing practitioner in Mid Wales who has insisted on a lock out agreement with a deposit of 5k. Are such agreements sensible?
This form of arrangement is not the norm in Mid Wales, conveyancers are often found to veer clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. Secondly, there is no assurance that just because the vendor has entered into an exclusivity contract they will sell to you. They may breach the agreement if they receive a large enough incentive to do so because an aggrieved claimant with the benefit of a exclusivity agreement will still have to establish consequential losses from the breach and these may not equalise the extra amount that your vendor may obtain by breaching the contract, however morally reprehensible the behaviour is.
Why is leasehold purchase conveyancing in Mid Wales costs more?
Mid Wales leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Mid Wales is where the house is located. Can you offer any guidance?
Flying freeholds in Mid Wales are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Mid Wales you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mid Wales may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I right to be suspicious that third parties that I am dealing with are suggesting a web based conveyancing firm as opposed to a local Mid Wales conveyancing company?
As with many service providers, often suggestions from relatives can be worth their weight in gold. Yet there are numerous parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and lenders might all suggest lawyers to appoint. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but sometimes there exists a commercial relationship behind the endorsement. You have the discretion to choose your preferred conveyancer. You need to be aware that most banks specify a panel list of solicitors you must use for the mortgage related work in your home move.
How do I discover who owns a house in Mid Wales?
As long as the premises is recorded at HM Land Registry, and you have enough information of the address of the premises, you will be able to obtain details from the the Land Registry of the recorded owner for a for less than a fiver.