The sellers of the property we are purchasing have instructed a conveyancing practitioner in Canning Town who has suggested a lock out agreement with a payment of 5k. Are such arrangements the norm for Canning Town conveyancing transactions?
Exclusivity contracts are agreements binding a property owner and prospective buyer giving the buyer a ‘clear field’ to purchase the property for a certain period of time. Essentially, an exclusivity agreement is a contract specifying that you will receive a contract at a later time which is the main conveyancing contract. It tends to be used for buyer assurance though in many situations, the proprietor may stand to benefit from such agreements as well. There are various pros and cons to having them but you need to check with your solicitor but note that it may end up costing you more in conveyancing charges. In light of these reasons these contracts are unusual in relation to conveyancing in Canning Town.
Do lenders provide you with an approved list of Canning Town conveyancing solicitors? How do you know who is on the Leeds Building Society conveyancing panel?
Canning Town conveyancing firms themselves provide us confirmation that they are on the Leeds Building Society conveyancing panel as opposed to being supplied with a list from Leeds Building Society directly.
My lawyer in Canning Town is not listed on the Birmingham Midshires Approved Panel. Can I still retain my family solicitor notwithstanding that they are excluded from the Birmingham Midshires panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing Canning Town solicitors but Birmingham Midshires will need to retain a lawyer on their list of acceptable firms. This will result in additional total legal charges and cause delays.
- Find an alternative practitioner to to deal with the conveyancing, not forgetting to check they are Birmingham Midshires approved.
- Try to convince your Birmingham Midshires solicitor to seek to join the Birmingham Midshires panel
Is there a list of Lloyds panel conveyancers in Canning Town on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings open the public over the internet. If you are seeking to appoint a Canning Town conveyancer on the Lloyds please make the most of our tool.
We had chosen conveyancing lawyers locally in Canning Town on the Kent Reliance solicitor panel. They have just invoiced me a supplemental amount for dealing with the Kent Reliance mortgage. Is this a supplemental conveyancing fee set by Kent Reliance?
Provided it is contained in their Terms and Conditions or estimate then yes your property lawyer can charge a fee for this. The fee is not set by Kent Reliance but by your Canning Town conveyancing practitioner. Plenty of firms on the Kent Reliance panel will charge ’dealing with mortgage’ fee and others do not.
It is unclear whether my lender requires a lease extension. I have called my Canning Town building society branch on numerous occasions and was informed it wasn't a problem and they will lend. My Canning Town conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend in accordance with their specific requirements. I simply don't know who is right.
Your property lawyer must comply with the CML Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should I be concerned about brokers that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a High Street Canning Town conveyancing practice?
As is the case with lots of professional services, often suggestions from connections can be very helpful. Nevertheless there are lots of parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all put forward solicitors to instruct. Sometimes these solicitors might be known to one of the organisations as experts in their field, but sometimes there might be a commercial relationship behind the endorsement. You have the right to select your own lawyer. However, bear in mind that many mortgage providers have an approved list of lawyers you are obliged to use for the lender related work in your conveyancing.
I require the services of a lender panel solicitor in Canning Town. Could you help me?
Unfortunately it’s not apparent why you need a Canning Town panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the mortgage company to find out which solicitors in Canning Town are on their panel . If you do find such a firm in Canning Town not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site