The sellers of the home we are looking to purchase are using a conveyancing practitioner in Nether Stowey who has suggested a preliminary contract with a down payment of 5k. Are such arrangements the norm for Nether Stowey conveyancing transactions?

Exclusivity agreements are agreements binding a home owner and prospective acquirer granting the buyer exclusive rights to the sale of the property for a certain period of time. For all intents and purposes, an exclusivity is a document stating that you will have a contract at a later time which is the main conveyancing contract. It is generally used for buyer assurance though in many situations, the seller may stand to benefit from such agreements as well. There are numerous pros and cons to having them but you need to check with your solicitor but beware that it may end up incurring extra in conveyancing fees. For these reasons these contracts are rare in relation to conveyancing in Nether Stowey.

What is the first thing I need to know concerning purchase conveyancing in Nether Stowey?

Not many law firms or advisers will tell you this but conveyancing in Nether Stowey or throughout Somerset is often a confrontational process. Put another way, when it comes to conveyancing there exists plenty of opportunity for friction between you and others involved in the transaction. For instance, the seller, property agent and even potentially a lender. Choosing a solicitor for your conveyancing in Nether Stowey should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the transaction whose responsibility is to protect your best interests and to keep you safe.

There is a distinct ongoing adversarial element to conveyancing- someone must be blamed for the process being so protracted. We recommend that you your first instinct should be to trust your conveyancer above the other parties when it comes to the legal transfer of property.

three months have gone by following my purchase conveyancing in Nether Stowey took place. I have checked the Land Registry website which shows that I paid £150,000 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 premises 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.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Nether Stowey. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Nether Stowey are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are buying in Nether Stowey in which case you should be looking for a Nether Stowey conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.

Nether Stowey Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying

Does the lease include onerous restrictions? It would be prudent to find out as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to daily matters like the upkeep of the communal areas. You should not be shy to ask prospective neighbours what they think of them. Finally, investigate as to the dates that the service charges are due to the managing agents and precisely what it includes. Who manages the building?

My partner and I are FTB’s just having agreed a price on a property in Nether Stowey, and need to get solicitors lined up. We have made use of the numerous comparison tools and the fee estimates are from all over the England and Wales. Is it critical to have a Nether Stowey conveyancer local to the prospective property? We are willing to do everything electronically, but I am thinking at some stage we will be required to physically go into the property lawyer's office to sign contracts?

The conveyancer does not have to be in Nether Stowey, but choosing local means that you have the option to attend their offices if needed, for instance, if a signature is immediately necessary. In addition, a Nether Stowey solicitor is likely to be familiar with local agents and (if the vendor has chosen a local lawyer) with them, which should help keep things moving faster.