The sellers of the house we are hoping to buy hired a conveyancing solicitor in Freshwater who has insisted on a exclusivity contract with a non-refundable deposit 6,000. Are such agreements sensible?
There are a couple of main downsides with executing a lock out contract (also referred to as an exclusivity agreement) is that it takes away the focus from making progress with the conveyancing process, so unless it requires little or no negotiation then it could turn out to be unhelpful. It is not particularly popular amongst Freshwater conveyancing practitioners as a result. A further concern is the extent of the remedies available - an aggrieved purchaser should not expect to be granted an injunction to stop the vendor completing the sale to an alternative purchaser, so the only remedy available under the agreement will be the recovery of abortive charges and, in limited scenarios, the additional payment of damages.
We note that you have a post code search directory identifying firms on the Bank of Ireland conveyancing panel. Do companies pay you a commission if I retain them for our conveyancing in Freshwater?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Freshwater.
Forgive me if this question is silly but I am wet behind the ears as a first time buyer of a garden flat in Freshwater. Do I receive the keys to the house on completion from my lawyer? If so, I will instruct a local conveyancing solicitor in Freshwater?
On the day of completion you do not need to attend the conveyancers office in Freshwater. Your solicitors will arrange to send the purchase money to the owner’s conveyancers, and shortly after the monies have arrived, you should be able to receive the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
Is it the case that all Freshwater CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing list of approved firms?
It is true that some lenders now make use of the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
I have a mortgage with RBS for my property in Freshwater. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
RBS must be informed of your intention prior to renting your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
I'm buying a new build house in Freshwater with the aid of help to buy. The builders refused to move on the price so I negotiated £7000 of additionals instead. The estate agent told me not reveal to my solicitor about this side-deal as it would impact my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I'm remortgaging my primary house to a buy to let loan with Britannia and intend to use the remaining equity as a down payment on another property. The location we are talking about is Freshwater. Will your lawyers be able to act for both sets of lenders and tie in the transactions?
Do use our comparison tool on this page to check that the lawyers are on the relevant lender panels. On the basis that they are your solicitor should be able to tie up the two transactions but you should talk with you solicitor and specify your desired outcome and needs.
I wish to let out my leasehold apartment in Freshwater. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease governs the relationship between the freeholder and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Freshwater do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Freshwater Leasehold Conveyancing - A selection of Queries before buying
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Is the freehold owned jointly by the leaseholders? You will want to find out as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the cleanliness of the common parts. Ask other tenants if they are happy with their service. In conclusion, investigate as to the dates that the service charges are due to the managing agents and specifically what you get for your money.