The sellers of the property we are looking to purchase have appointed a conveyancing solicitor in Bicester who has recommended a lock out agreement with a non-refundable deposit 10k. Is it wise to enter into such agreements?
Exclusivity agreements are agreements between a property seller and purchaser granting the buyer a ‘clear field’ to the sale of the property for a certain period of time. For all intents and purposes, a lock out agreement is a contract stating that you will receive a contract at a later date which is the contract for the actual sale. It is generally utilised for buyer assurance though in some cases, the seller may enjoy an upside from such agreements as well. There are numerous pros and cons to having them but you should to check with your solicitor but beware that it may end up costing you extra in conveyancing charges. For this these contracts are unusual in relation to conveyancing in Bicester.
The Bicester conveyancing solicitors that I appointed last week on my purchase in Bicester have without warning closed. I chose them because I had to have a lawyer on the Leeds Building Society conveyancing panel and my preferred Bicester lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Leeds Building Society conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
I am aiming to move property in June. Should my conveyancing solicitor call the removal company on the day of completion. On a separate note, can you recommend a removal company in Bicester. Conveyancing firm was found before I stumbled across your page.
On the afternoon of completion you can pick up the house keys from the selling agent however this should only happen after the previous owners lawyers advise the agent that the monies to complete are in and the keys can be given over. Subsequently you can inform the removal company that you are ready to move in. We are not in a position to suggest a particular removal organisation but can assist you in finding a residential property solicitor in Bicester or a firm with expertise in conveyancing in Bicester.
I am currently in the process of buying my council flat in Bicester. I have a mortgage agreed with HSBC. 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 HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
I can not fathom if my mortgage offer requires a lease extension. I have called my Bicester building society branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Bicester conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancer must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should our solicitor be raising enquiries about flooding during the conveyancing in Bicester.
Flooding is a growing risk for solicitors dealing with homes in Bicester. Plenty of people will acquire a property in Bicester, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a various searches that can be initiated by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Bicester. The standard information supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to discover whether the premises has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a buyer may commence a claim for damages as a result of such an inaccurate answer. A buyer’s lawyers will also carry out an enviro report. This will reveal whether there is any known flood risk. If so, additional inquiries should be initiated.
How does conveyancing in Bicester differ for new build properties?
Most buyers of new build property in Bicester come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Bicester typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bicester or who has acted in the same development.
I'm remortgaging a house in Bicester. I can find my conveyancer's company on the Law Society's list, but I can't locate my conveyancer's name as listed on the regulator's website. Should I be concerned?
Not all staff in the company must be listed by the regulator. Provided there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be undertaken by unqualified staff.