We have rather brash vendors who has insisted on a lock out contract with a down payment two thousand pounds. Are such agreements sensible?
Lock out contracts are contracts binding a property vendor and prospective buyer granting the buyer the sole right to purchase the premises for a set period of time. Essentially, an exclusivity agreement is a contract stating that you should receive a contract at a later date being the contract for the actual sale. It is generally utilised for buyer assurance though in some cases, the vendor may enjoy an upside from such agreements as well. There are numerous positives and negatives to using them but you need to check with your conveyancer but note that it may result in costing you extra in conveyancing charges. For this these contracts are avoided in relation to conveyancing in East Acton.
My brother-in-law has suggested I instruct a conveyancing solicitor in East Acton. I need to find out whether they are accepted on the Platform Home Loans Ltd approved list of lawyers. Could you assist?
The first thing you should do is e-mail your lawyer and ask them if they are on the lender panel. Alternatively you can get in touch with Platform Home Loans Ltd who may be able to help.
Me and my partner are purchasing a house in East Acton. I might seem paranoid but how we can trust a conveyancer? On the day of competition we will need to put money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We are aiming to move property in July. Should my conveyancing solicitor communicate with the removal company on the completion day. On a separate note, can you recommend a removal company in East Acton. Conveyancing lawyer was organised prior to coming across this site.
On the afternoon of completion you can collect the keys from the selling agent however this should only take place after the sellers lawyers inform the agent that they have the completion monies and the keys can be released. Subsequently you will need to advise the removal men that they can start moving you in. We do not suggest a specific removal organisation but can assist you in locating a residential property solicitor in East Acton or a firm with expertise in conveyancing in East Acton.
I happen to be the sole beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in East Acton. The East Acton property was put into my name in April. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the property in April. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How practical a view lenders take of it, depend on the lender as this obligation primarily exists to identify subsales or the wholesaling and assigning of properties.
It has been three months since my purchase conveyancing in East Acton concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in East Acton benefiting from help to buy. The developers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not reveal to my conveyancer about the extras as it would put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Please set examples of specific advantages to choosing a local lawyer in East Acton
Home movers in East Acton prefer a local conveyancing practitioner so that they can attend the lawyer’s offices if they have questions, and to collect mortgage deeds rather than run the risk of depending on the post.
We would say that there is a slight benefit in opting for a conveyancer nearby to a premises you are hoping to purchase, due to the familiarity of the area and possible local issues - yet this is moot. Most conveyancers are now online and may be practically anywhere.