The owners of the house we are purchasing have appointed a conveyancing firm in Crewkerne who has insisted on a exclusivity agreement with a down payment of 5k. Is it wise to enter into such agreements?
There are two main drawbacks with executing a lock out contract (sometimes referred to as a no-shop agreement) is that it diverts attention away from progressing with the conveyancing work, so unless it requires limited or no negotiation then it may transpire to be unhelpful. It is not strongly advocated by Crewkerne conveyancing lawyers for this reason. A supplemental concern is the extent of the remedies available - a jilted buyer should not expect to obtain an injunction to stop the owner disposing of the property to another buyer, so the only remedy available under the contract will be the reimbursement of wasted costs and, in restricted situations, the additional payment of damages.
Why do I have to pay up front for my conveyancing in Crewkerne?
If you are buying a property in Crewkerne your lawyer will request that you to provide them with funds to cover the search fees. Generally this is requested to cover the fees of the Local Authority Search. If any deposit is payable against the sale price then this will be required immediately prior to exchange of contracts. The closing balance that is needed will be payable a few days ahead of the completion date.
My lawyer in Crewkerne is not on the Leeds Building Society Solicitor Panel. Is it possible for me to use my prefered solicitor even though they are excluded from the Leeds Building Society panel?
The limited options available to you here include:
- Complete the purchase with your preferred Crewkerne solicitors but Leeds Building Society will need to retain a solicitor on their panel. This will result in additional overall conveyancing charges and cause delays.
- Get an alternative practitioner to to deal with the conveyancing, obviously checking they are Leeds Building Society approved.
- Persuade your Leeds Building Society based solicitor to try to join the Leeds Building Society panel
A friend advised me that in purchasing a property in Crewkerne there may be a number of restrictions as to what one can do in terms of external changes to the property. Is this right?
We are aware of a number of properties in Crewkerne which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Crewkerne should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have decided to exercise my right to buy my property in Crewkerne off the council. I have a mortgage offer with UBS. Conveyancing is not something I have any knowledge of. 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 UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
I was told three weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Crewkerne is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
I need to instruct a conveyancing solicitor for my conveyancing in Crewkerne. I've discover a web site which seems to have the perfect solution If there is a chance to get all this stuff completed via phone that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
When it comes to my conveyancing in Crewkerne should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Crewkerne conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.