We have very pushy vendors who has suggested a exclusivity agreement with a down payment 10k. Is it wise to enter into such agreements?
There are two main downsides with signing a lock out contract (also referred to as an exclusivity agreement) is that it can distract from progressing with the conveyancing transaction itself, so unless it requires limited or no negotiation then it may turn out to be a cause of frustration and delay. It is not strongly advocated by Ivybridge conveyancing solicitors as a result. The other main issue is the extent of the remedies available - a jilted buyer should not expect to be granted injunctive relief to prohibit the owner completing the sale to an alternative purchaser, so the only remedy open via the agreement will be the reimbursement of abortive costs and, in limited scenarios, the additional payment of damages.
Why do I have to pay up front for conveyancing in Ivybridge?
Where you are retaining lawyers for conveyancing in Ivybridge your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the total price then this will be asked for shortly before exchange of contracts. Any further balance that is due should be sent to your lawyer shortly before completion.
Do the Building Society Association intend to launch a online directory to to identify law firms on the Norwich and Peterborough Building Society conveyancing panel for example in Ivybridge?
We are not aware of any plans on the part of the BSA to promote such a search facility.
I'm the only recipient of my late father’s estate with all property in now in my sole name, including the house in Ivybridge. The Ivybridge property was put into my name in February. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership may be treated the same way as though I had purchased the property in February. Do I have to wait half a year to sell?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. Some lenders would take a sensible view as this clause chiefly exists to identify subsales or the quick reselling of property.
When it comes to lenders such as RBS, do Ivybridge solicitors face an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
It is not clear whether my mortgage offer requires a lease extension. I have called my Ivybridge building society branch on a couple of occasions and was reassured it wasn't a problem and they will lend. My Ivybridge conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend in accordance with their specific requirements. I have no idea who is right.
Your conveyancer must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements 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.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Ivybridge is where the house is located. Can you offer any advice?
Flying freeholds in Ivybridge are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ivybridge you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ivybridge may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I have just found out that one of the partners of the conveyancing practice undertaking the purchase conveyancing in Ivybridge is a relative of the seller. Is this allowed?
On the basis that no conflict arises this is allowable. If you are requiring mortgage finance then the lender may have a say as many banks have specific requirements concerning this. For example for Chelsea Building Society as of 30/3/2025, the requirements read as follows :
* there is no conflict of interest and none arises during the transaction
* the firm is a partnership
* the conveyancer acting is not the borrower or a member of the borrower's immediate family.