The vendors of the home we are purchasing have instructed a conveyancing practitioner in Bodmin who has insisted on a lock out contract with a deposit of 5k. Is it wise to enter into such agreements?
This kind of contract isn't common in Bodmin, conveyancers are often inclined to direct clients away from them as they detract from the primary objective, namely conveyancing and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. Furthermore, there is no assurance that just because the proprietor has entered into a lock out contract they will complete the sale with you. They may be in contravention of the agreement if they receive a large enough incentive to do so because a wronged purchaser with the benefit of a lockout agreement will still be obliged establish consequential losses from the breach and these may not equate the extra amount that the owner may gain by reneging on the contract, no matter how morally condemnable that may be.
My flat in Bodmin is up for sale and I have a purchaser. Does my solicitor have to be required to be on the Co-operative conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
I am purchasing a property in Bodmin. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Principality be concerned?
As your lender is Principality your lawyer must follow the formal instructions contained in Part two of UK Finance Lenders’ Handbook for Principality. The CML Handbook contains minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Principality where a lease fails to comply with these specifications. The requirements relate to the installation of panels on properties in England and Wales and is not isolated to Bodmin.
After weeks of negotiation I have agreed a price on an apartment in Bodmin. My financial adviser pressured me to appoint their property lawyer. I paid an advanced payment of £175. Not long after, the conveyancing practitioner called me sheepishly admitting that they were not on the Co-operative 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 Co-operative 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.
Yorkshire BS have agreed my home loan in principle, my bid on a property in Bodmin has been accepted, what happens next?
The estate agent will need to know who your solicitors are (make sure the property lawyers are on the lender’s panel). Call up Yorkshire BS or the financial adviser and finish off any outstanding documentation. Yorkshire BS will appoint a valuer who will get in contact with the selling agent or vendor to book an appointment. Once conducted (assuming no problems) it takes about ten days to get a mortgage offer. Yorkshire BS will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Bodmin.
My wife and I purchased a 4 bedroom Edwardian house in Bodmin. Conveyancing lawyer represented me and Platform Home Loans Ltd. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bodmin and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing practitioner who conducted the purchase.
Hoping to buy a property located in Bodmin and I am already nervous. I couldn't find anything specific about Bodmin. Conveyancing will be needed in due course but do you know about the Bodmin area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Bodmin. In the meantime here are some basic statistics that we found
The conveyancing solicitors handling our conveyancing in Bodmin has forwarded documents to review that state the land is unregistered with epitome documents. Why is the property not registred at the Land Registry?
Although the vast majorities of properties in Bodmin are now registered with the Land Registry there are still some that remain unregistered. Any property in Bodmin that has been remortgaged since the late 1980’s will have been registered at the HM Land Registry under the compulsory ‘first registration’ scheme. However, if a Bodmin property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Many Bodmin conveyancing solicitors will be familiar with such matters but if any uncertainty exists the conventional advice presently is for the seller’s conveyancer to address the registration formalities first and subsequently deal with the sale conveyance - this this chain of events will cause a protracted conveyancing.