The sellers of the property we are looking to purchase have instructed a conveyancing practitioner in Oldland who has insisted on a lock out agreement with a payment two thousand pounds. Are such agreements sensible?
There are a couple of primary drawbacks with signing a lock out agreement (also termed an exclusivity agreement) is that it can distract from progressing with the conveyancing transaction itself, so in the absence of it needing limited or no negotiation then it could turn out to be a cause of frustration and delay. It is not particularly popular amongst Oldland conveyancing lawyers for this reason. A further issue is the extent of the remedies available - an aggrieved buyer should not expect to be granted injunctive relief to prevent the seller selling to a third party, so the only remedy available under the contract will be the recovery of wasted costs and, in restricted situations, the extra payment of damages.
we are a couple who are hoping to buy a 2 bedroom apartment in Oldland with a homeloan from Halifax.We like our Oldland conveyancing practitioner but Halifax informed us she’s not on their "panel". we are left little option but to use a Halifax panel firm or keep our high street solicitor and pay for a Halifax panel lawyer to represent them. This seems very unfair; Can we not simply insist that Halifax use our lawyer?
No, not really. The home loan issued to you contains various provisions, a common one being that conveyancers will be on the Halifax conveyancing panel. Until recently, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Halifax
What can a local search inform me concerning the house we're purchasing in Oldland?
Oldland conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for instance Searches UK The local search plays a central part in many a Oldland conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search should reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
3 months have gone by since my purchase conveyancing in Oldland concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently bought a leasehold house in Oldland. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Oldland - Sample of Queries before Purchasing
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How much is the ground rent and service charge? Are there any major works anticipated that will add a premium to the service fees?
How easy is it to change a solicitor as I need to find a Oldland based conveyancer who is on the mortgage company conveyancing panel. Is it advisable to appoint a new law firm?
If you haven't yet instructed a conveyancer to start work and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Oldland that you're considering.