Can I withdraw my offer on a property at any time?
When you make an offer on a house that has been accepted by the vendor, you can ask them to take it off the market as part of the acceptance. If you are selling, you can show your intent by agreeing to remove it from other potential buyers’ interest.
As a buyer, you can withdraw your offer at any time (and, as a seller, you can reject an offer at any time) up to the exchange of contracts, which means you are now legally committed to go through with the transaction at the agreed price. You should check your contract with both the estate agent and your conveyancing solicitor as there may be fees and other penalties associated with pulling out of the transaction after the offer was initially agreed.
If you decide to withdraw from the contract after exchange, then you are in breach. This means, if you’re the buyer, the seller is entitled to keep whatever agreed sum has been set for the deposit, and could claim damages; as the seller, you will be liable to pay interest accrued during the Notice to Complete period as well as the deposit, and the potential for claiming losses, and the buyer has to return everything about the property at the seller’s expense.
Are there any lenders with offices in Berkeley?
We can work with the vast majority of lenders approved by the Council of Mortgage Lenders. A number of mortgage specialists operate in Berkeley, including Knott Adrian, 111 Charlton La, Cheltenham, GL53 9EE, Cheltenham Mortgages, 12 Rodney Rd, Cheltenham, GL50 1JJ, and Kramer Penny, 13 Bownham Mead, Rodborough Common, Stroud, GL5 5DZ. Your conveyancing solicitors can give more detail.
Does your Berkeley conveyancing solicitor get any property on the Gloucestershire Edwardian mid terrace cottage I am intending to purchase?
Normal procedure is to get Local Authority (personal or official), Drainage and Water Search (CON29DW) and Environmental, and possibly specific searches for instance HS27.
Are your property lawyers geared up for very fast completions on the conveyancing for residential property auction properties in Berkeley?
Indeed we are property auction specialists and do frequently do the legal conveyancing bidders at auction. It is a shrewd move bidders to instruct a qualified firm as ahead of time as they can to allow enough time for a detailed review of the legal papers for the lot well before the auction day arrives.
Thereafter, following the auction your appointed property lawyer is wholly ready for concluding the purchase within 28 days as required .
What’s the difference between residential and commercial conveyancing?
In essence, there is very little difference between the tasks needed for residential conveyancing against commercial conveyancing. The real difference comes in the type of property and the purpose for which it is intended to be used.
The majority of residential transactions are freehold, whereas commercial transactions are almost exclusively leasehold, and commercial property conveyancing searches will tend to be more expensive because the structure and land will occupy a greater space on average than that for residential property.
What’s the difference between exchange of contracts and completion?
When you exchange contracts, this means that you are agreeing to all the terms drawn up within the contract made between you on one side of the transaction, and the opposite party on the other side. It is from this point that you are legally obliged to go through with the transaction (unless you want to be subject to financial and/or legal penalties).
The completion of contracts is the point where you officially take over ownership of the property, receive the keys and can move in. All monies are transferred between the various parties and the conveyancing solicitor contacts the Land Registry to register the change of ownership to you.
Confused by the jargon in conveyancing? Let Homeward Legal's straightforward and clear service help guide you to as early a completion as possible. Try our online quote generator or call us on 0800 038 6699.