We have rather assertive sellers who has insisted on a lock out contract with a down payment 6,000. Is it wise to enter into such agreements?
Exclusivity contracts are contracts binding a property vendor and prospective acquirer granting the buyer the sole right to the sale of the property within a prescribed time frame. For all intents and purposes, a lock out is a document specifying that you will receive a contract at a later date which is the main conveyancing contract. It tends to be used for buyer confidence though in some cases, the proprietor may enjoy an upside from such agreements as well. There are various pros and cons to having an agreement but you need to check with your solicitor but note that it may end up costing you more in conveyancing charges. In light of this these agreements are rare when it comes to conveyancing in Littlehampton.
Have just purchased a probate house at auction in Littlehampton. Conveyancing is necessary. What happens now?
Having for in every practical sense signed on the dotted line you will need to hire the services of a conveyancing solicitor as a matter of priority as you are facing a fast approaching a fixed date to complete the transaction. All auction property should have an associated auction pack. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the auction pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You need to give this to the lawyer instructed by you at the earliest opportunity. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
Does a directory service exist listing Principality panel conveyancers in Littlehampton on the Building Society Association’s Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few banks make their panel listings open the public on the web. Where you are looking for a Littlehampton conveyancing practitioner on the Principality please make the most of our facility.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Littlehampton building society branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Littlehampton conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend based on their published requirements. Who do I believe?
As long as the conveyancing practitioner is on the mortgage company panel, they must comply with the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been told that property searches are the main cause of stalling in Littlehampton conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of slowing down conveyancing in Littlehampton.
I decided to have a survey carried out on a property in Littlehampton in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some banks tend not issue a mortgage on such a property.
It varies from the lender to lender. HSBC has different instructions from Halifax. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Littlehampton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Littlehampton to see if the conveyancing will be more expensive.
We are 3 weeks into a freehold purchase having been referred to a firm by the local agent to do our conveyancing in Littlehampton. I am not happy. Can you help me find new solicitors?
They would need to be really bad in order to consider replacing them. Has your mortgage been generated? If so you need to advise them of the new contact details and have the mortgage documents are re-issued. Your new solicitor ideally needs to be on the lenders panel to avoid escalating charges and complications. So that should be your starting point. Our find a solicitor tool should help you find a bank approved solicitor for your conveyancing in Littlehampton
My wife and I are buying a ground floor flat in Littlehampton. At the point of instructing our conveyancer, they said that they were on all major UK lender panels. Our financial adviser called today to advise that they don't seem to be on the Lloyds approved list. If it turns out to be true, what should we do? Do we simply pick a new lawyer that is on their approved list or should we pay for dual representation, with Lloyds selecting their own preferred conveyancer.
When purchasing a property with the benefit of a mortgage it is conventional for the buyer’s solicitors to also represent the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's conveyancing panel. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the property lawyer has to meet. Some building societies now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancing practitioner should contact Lloyds to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Lloyds's conveyancing panel as you are at liberty to use your preferred Littlehampton lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another property lawyer into the equation.