The sellers of the house we are looking to purchase hired a conveyancing firm in Lake District who has recommended a exclusivity contract with a down payment of 5k. Are such agreements sensible?
Lock out agreements are agreements binding a home vendor and prospective acquirer giving the buyer a ‘clear field’ to the sale of the premises for a set period of time. For all intents and purposes, a lock out agreement is a contract stating that you should receive a contract at a later time which is the contract for the actual sale. It tends to be used for buyer protection though in some cases, the vendor may enjoy an upside from such agreements as well. There are many pros and cons to having them but you need to check with your solicitor but note that it may result in costing you extra in conveyancing charges. For these reasons these contracts are avoided when it comes to conveyancing in Lake District.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Lake District. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Kent Reliance, pay off the mortgage. Is this allowed?
Given you plan to re-mortgage then Kent Reliance will insist on your using a conveyancer on the Kent Reliance conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Kent Reliance conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Kent Reliance mortgage is registered as a charge at the Land Registry.
Will my lawyer be making enquiries concerning flooding during the conveyancing in Lake District.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Lake District. Plenty of people will acquire a house in Lake District, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, however there are a number of searches that can be initiated by the buyer or by their lawyers which can give them a better understanding of the risks in Lake District. The conventional set of property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the vendor to determine if the property has historically flooded. In the event that the property has been flooded in past and is not disclosed by the vendor, then a purchaser could bring a legal claim for losses as a result of such an misleading answer. The purchaser’s conveyancers may also order an enviro report. This will disclose whether there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
I'm purchasing my first flat in Lake District benefiting from help to buy. The sellers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not disclose to my solicitor about the deal as it will impact my mortgage with the bank. Is this normal?.
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.
My uncle has urged me to instruct his conveyancing solicitors in Lake District. Should I find my own solicitor?
Much as we are happy to recommend a Lake District conveyancing lawyer it’s preferable to find a conveyancing solicitor is to have recommendations from friends or family who have used the firm you're considering.
I need to find a lender panel solicitor in Lake District. Can you assist?
It is not clear why you need a Lake District panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the lender to find out which solicitors in Lake District are on their panel . If you do find such a firm in Lake District not listed please direct them to our site to list. After all the cost is only one £1 a month