The vendors of the house we are hoping to buy are using a conveyancing firm in Arley who has recommended a preliminary agreement with a payment 10k. Are such agreements sensible?
There are two main drawbacks with executing a lock out contract (occasionally known as a no-shop agreement) is that it can distract from moving forward with the conveyancing work, so unless it requires little or no negotiation then it could turn out to be a hindrance. It is not promoted by Arley conveyancing lawyers as a result. A further concern is the extent of the remedies available - a jilted buyer is not likely to obtain injunctive relief to prevent the seller completing the sale to an alternative purchaser, so the only remedy open via the contract will be the recovery of abortive charges and, in rare circumstances, the extra payment of damages.
My wife and I have arranged the release of further monies on our mortgage from RBS as we wish to conduct a loft conversion to our home in Arley. Do we need to select a bricks and mortar Arley solicitor on the RBS conveyancing panel to deal with the paperwork?
RBS would not normally require a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS list.
I have decided to exercise my right to buy my property in Arley off the council. I have a mortgage agreed with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
After much negotiation I have agreed a price on a house in Arley. My mortgage broker recommended their conveyancers. I paid an upfront payment of £175. A couple of days later, the solicitor called me sheepishly admitting that they were not on the Kent Reliance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Kent Reliance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I need some fast conveyancing in Arley as I am under a deadline to complete inside one month. Thankfully I do not require a mortgage. Can I avoid the conveyancing searches to save money and time?
As you are are a mortgage free purchaser you have the choice not to have searches carried out although no solicitor would suggest that you don't. With plenty of history conveyancing in Arley the following are instances of what can arise and therefore impact future saleability: Refused Planning Applications, Overdue Charges, Overdue Grants, Railway Schemes,...
Are there restrictive covenants that are commonly picked up during conveyancing in Arley?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Arley. 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 am purchasing a new build house in Arley with a mortgage from Leeds Building Society. The sellers would not budge the price so I negotiated £7000 of extras instead. The estate agent suggested that I not disclose to my lawyer about the extras as it may affect my mortgage with Leeds Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Is there a reason that Arley conveyancing costs are higher for leasehold and freehold properties?
There is always increased work necessary in leasehold conveyancing. Arley has many leasehold properties. There is more hours involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.