The owners have very assertive vendors who has recommended a preliminary agreement with a non-refundable deposit 10k. Is it wise to enter into such agreements?
Exclusivity agreements are contracts between a property seller and purchaser granting the buyer a ‘clear field’ to purchase the property within an agreed time frame. Essentially, an exclusivity is a document stating that you should have a contract at a later time being the main conveyancing contract. It tends to be used for buyer protection though in many situations, the owner may enjoy an upside from such agreements as well. There are numerous positives and negatives to having them but you need to check with your solicitor but note that it may result in costing you extra in conveyancing charges. In light of this these agreements are rare when it comes to conveyancing in Blakedown.
Are there restrictive covenants that are commonly identified during conveyancing in Blakedown?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Blakedown. 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…’
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Blakedown is where the house is located. Is there any guidance you can impart?
Flying freeholds in Blakedown are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Blakedown you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Blakedown may determine 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 premises.