The owners of the house we are purchasing have instructed a conveyancing firm in Gillingham who has insisted on a lock out agreement with a down payment two thousand pounds. Are such contracts recommended for Gillingham conveyancing transactions?
There are a couple of primary drawbacks with signing a lock out contract (also referred to as a no-shop agreement) is that it can distract from making progress with the conveyancing transaction itself, so in the absence of it needing limited or no negotiation then it could turn out to be unhelpful. It is not strongly advocated amongst Gillingham conveyancing practitioners as a result. The other main issue is the extent of the remedies available - a jilted buyer should not expect to be issued with an injunctive ruling by a court to prevent the seller selling to another buyer, so the only remedy available under the contract will be the recovery of wasted charges and, in restricted situations, the extra payment of penalties.
Do lenders provide you with an approved list of Gillingham conveyancing solicitors? How do you know who is on the Virgin Money conveyancing panel?
Gillingham conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
Various internet forums that I have come across warn that are a common reason for delay in Gillingham house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of slowing down conveyancing in Gillingham.
Are there restrictive covenants that are commonly identified during conveyancing in Gillingham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Gillingham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Gillingham differ for new build properties?
Most buyers of new build premises in Gillingham approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Gillingham tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Gillingham or who has acted in the same development.
My father has recommend that I appoint his conveyancing solicitors in Gillingham. Do I take his guidance?
No doubt the ideal way to select a conveyancing practitioner is to seek guidance from friends or relatives who have previously instructed the firm that you are are thinking of instructing.