The sellers of the home we are looking to purchase have appointed a conveyancing firm in Moorgate who has recommended a preliminary contract with a deposit two thousand pounds. Is it wise to enter into such agreements?
Lock out agreements are contracts between a home owner and prospective acquirer granting the buyer exclusive rights to the sale of the premises within a prescribed time frame. For all intents and purposes, a lock out is a document specifying that you should be issued with a contract at a later date being the main conveyancing contract. It is generally utilised for buyer protection though in some cases, the owner may enjoy an upside from such agreements as well. There are various positives and negatives to having them but you should to check with your conveyancer but beware that it may result in costing you more in conveyancing fees. In light of these reasons these contracts are unusual in relation to conveyancing in Moorgate.
Are the Moorgate conveyancing solicitors identified as being on the Kent Reliance conveyancing panel, together with their details provided by Kent Reliance?
Moorgate conveyancing firms themselves provide us confirmation that they are on the Kent Reliance conveyancing panel as opposed to being supplied with a list from Kent Reliance directly.
I'm the single beneficiary of my late grandmother’s will and I have everything in my name now, including the house in Moorgate. The Moorgate property was put into my name in February. I plan to dispose of the property. I do know about the CML 6 month 'rule', meaning my property ownership could be considered the same way as though I had purchased the property in February. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How sensible a view mortgage companies take of it, depend on the bank as this clause is primarily there to capture the purchase and immediately sell or the flipping of property.
We had selected solicitors based in Moorgate on the Bank of Ireland solicitor approved list. They have just billed me an additional amount for the legal aspects of the Bank of Ireland mortgage. Is this an additional conveyancing fee specified by Bank of Ireland?
Provided it is contained in their Terms of Engagement or Quote then yes your lawyer is entitled to charge a fee for this. This charge is not dictated by Bank of Ireland but by your Moorgate conveyancer. Plenty of firms on the Bank of Ireland panel will levy an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
After months of negotiation I have agreed a price on a house in Moorgate. My mortgage broker suggested a conveyancing practitioner. I paid an on account payment of £150. A couple of days later, the lawyer called me to say that they were not on the Lloyds conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Lloyds panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Should commercial conveyancing searches reveal proposed roadworks that may impact a commercial premises in Moorgate?
Its becoming the norm that commercial conveyancing solicitors in Moorgate will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Moorgate. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Moorgate.
For every commercial conveyancing transaction in Moorgate it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Moorgate commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Moorgate.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Moorgate is the location of the property. Is there any guidance you can give?
Flying freeholds in Moorgate are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Moorgate you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Moorgate 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 property.
I have read on a number of online forums that when choosing a conveyancing solicitors they need approved by your lender. This is my first home move but I have an offer in principle with Santander and I already have a family conveyancing solicitor in Moorgate in place. Will Virgin Money require an approved lawyer to be selected? Does a list of approved conveyancers even exist so I can choose a conveyancing lawyer in Moorgate?
You should use a solicitor that is on the Virgin Money panel. The first thing to do is call your chosen Moorgate conveyancing solicitor to check if they are on the Virgin Money panel. If they are not on the panel you have a number of alternatives available to you here:
- Carry on with your existing Moorgate conveyancing practitioner but Virgin Money will no doubt appoint a conveyancer from their approved list. The net impact is additional fees together with potential frustration.
- Choose a fresh conveyancer to conduct the conveyancing, making sure they are on the Virgin Money conveyancing panel.
- Convince your lawyer to do everything within their powers to join the Virgin Money panel of solicitors.