We have very pushy sellers who has suggested a exclusivity agreement with a non-refundable deposit 6,000. Are such arrangements appropriate for West Hampstead conveyancing transactions?

Exclusivity agreements are contracts between a property owner and purchaser granting the buyer a ‘clear field’ to the sale of the premises within an agreed time frame. For all intents and purposes, a lock out agreement is a contract specifying that you should have a contract at a later date being the contract for the actual sale. It is generally utilised for buyer confidence though in some cases, the owner may stand to benefit from such agreements as well. There are various positives and negatives to using an agreement but you should to check with your conveyancer but beware that it may end up incurring more in conveyancing fees. For this these contracts are unusual when it comes to conveyancing in West Hampstead.

My wife and I are buying a apartment in West Hampstead. It might be a silly question but how we can trust a conveyancer? On the day of competition we have to send our life savings into their account. What protection do we have from them run away with our money?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

My fiancee and I are in the throws of looking at apartments in West Hampstead and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with Kent Reliance.

It would be sensible to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are getting a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.

Leeds Building Society have agreed my mortgage in principle, my offer on a flat in West Hampstead has been accepted, now what?

The property agent will wish to know who your solicitors are (ensure that the conveyancers are on the lender’s panel). Contact Leeds Building Society or the broker and complete any appropriate forms. Leeds Building Society will appoint a valuer who will get in contact with the estate agent or vendor to book an appointment. Once carried out (assuming no problems) it takes approximately ten days to receive the mortgage offer. Leeds Building Society will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in West Hampstead.

Should my lawyer be asking questions about flooding as part of the conveyancing in West Hampstead.

Flooding is a growing risk for lawyers carrying out conveyancing in West Hampstead. There are those who purchase a property in West Hampstead, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.

Solicitors are not best placed to give advice on flood risk, but there are a various searches that may be carried out by the purchaser or by their solicitors which can give them a better appreciation of the risks in West Hampstead. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to determine whether the premises has ever been flooded. If the property has been flooded in past which is not disclosed by the owner, then a buyer could commence a compensation claim stemming from an incorrect answer. The purchaser’s conveyancers should also carry out an enviro search. This will disclose whether there is a recorded flood risk. If so, additional investigations should be conducted.

Are there restrictive covenants that are commonly picked up as part of conveyancing in West Hampstead?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in West Hampstead. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

At what stage do I pay the Stamp Duty Land Tax due for my house transaction in West Hampstead?

Most lawyers tend to complete a Land Transaction Return Form on your behalf as part of your West Hampstead conveyancing transaction for signature. After completion your lawyer will submit your Land Transaction Return Form to the Tax Authorities and - assuming they have the money - settle any Stamp Duty due on your behalf.