The owners of the home we are hoping to buy have appointed a conveyancing solicitor in Stanstead Abbotts who has insisted on a exclusivity contract with a deposit of 5k. Are such contracts recommended for Stanstead Abbotts conveyancing transactions?
There are two primary downsides with entering into any lock out contract (occasionally known as a no-shop agreement) is that it takes away the focus from moving forward with the conveyancing process, so unless it requires limited or no negotiation then it may turn out to be a cause of frustration and delay. It is not strongly advocated by Stanstead Abbotts conveyancing practitioners as a result. A further concern is the extent of the remedies available - a jilted buyer should not expect to be granted an injunctive ruling by a court to prevent the owner selling to a third party, so the only remedy available under the agreement will be the recovery of abortive charges and, in rare scenarios, the extra payment of damages.
I am purchasing a property for cash in Stanstead Abbotts. I have been residing for the last Seventeen years in Stanstead Abbotts. Conveyancing searches are expensive. As I have knowledge of the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a home loan, then the vast majority of the Stanstead Abbotts conveyancing searches are at your discretion. Your lawyer will 'advise', no-doubt strongly, that you should have searches carried out, but he has a professional duty to do this. Do consider; if you are going to dispose of the house at a future date, it may be of relevance to your future buyer what the searches disclose. On occasion houses with day to day issues can still show up detrimental search results.A competent conveyancing solicitor in Stanstead Abbotts should be able to give you some constructive guidance here.
How does conveyancing in Stanstead Abbotts differ for new build properties?
Most buyers of new build or newly converted property in Stanstead Abbotts come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Stanstead Abbotts usually acquire 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 Stanstead Abbotts or who has acted in the same development.