We have rather assertive vendors who has recommended a lock out contract with a deposit of 5k. Are such agreements sensible?
There are a couple of primary drawbacks with signing a lock out contract (occasionally known as an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing transaction itself, so unless it requires limited or no negotiation then it may turn out to be unhelpful. It is not particularly popular by Oxford conveyancing solicitors as a result. The other main issue is the extent of the remedies available - an aggrieved purchaser is not likely to secure an injunctive ruling by a court to prohibit the seller selling to an alternative purchaser, so the only remedy available under the agreement will be the recovery of wasted costs and, in rare circumstances, the extra payment of penalties.
We see that you have a post code search directory identifying firms on the Virgin Money conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in Oxford?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Oxford.
Should my solicitor be raising enquiries concerning flooding as part of the conveyancing in Oxford.
Flooding is a growing risk for lawyers dealing with homes in Oxford. There are those who buy a property in Oxford, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a number of checks that may be undertaken by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in Oxford. The conventional set of property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to discover whether the property has suffered from flooding. If the property has been flooded in past which is not notified by the owner, then a buyer could commence a legal claim for losses stemming from an misleading answer. The purchaser’s solicitors should also order an enviro report. This should higlight if there is a recorded flood risk. If so, further investigations should be initiated.
I'm buying my first flat in Oxford with a loan from Coventry Building Society. The developers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not inform my conveyancer about this extras as it may impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I have been recommended by a number of selling agents in Oxford to find a solicitor on your site. What’s the financial inducement for Estate Agents to recommend your services over and above a competitor’s?
We refuse to make any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
We are one month into a freehold purchase having been referred to conveyancers by the high street agent to carry out the conveyancing in Oxford. I am am very dissatisfied with the quality of service. Could you help me find new solicitors?
They would have to be really bad in order to consider replacing them. Has your loan offer been sent? In the event that it has you must make them aware of the replacement lawyer and get the loan are re-sent. Your conveyancer needs to be on the banks approved list to avoid escalating costs and delays. So that should be your first question of the new conveyancers. Our find a solicitor tool can help you find a bank approved conveyancer for your home move in Oxford