The sellers of the house we are purchasing have instructed a conveyancing firm in Peckham who has insisted on a exclusivity contract with a non-refundable deposit 10k. Are such agreements sensible?
There are two primary drawbacks with signing a lock out agreement (sometimes termed an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing transaction itself, so unless it requires minimal or no negotiation then it may transpire to be a cause of frustration and delay. It is not strongly advocated amongst Peckham conveyancing lawyers as a result. A further issue is the extent of the remedies available - an aggrieved buyer is not likely to secure an injunctive ruling by a court to stop the seller selling to another buyer, so the only remedy available under the contract will be the recovery of abortive costs and, in rare scenarios, the additional payment of damages.
How up to date is your search tool for Peckham conveyancing solicitors on the Yorkshire BS conveyancing panel? Do Yorkshire BS send you an updated list?
Peckham conveyancing firms themselves provide us confirmation that they are on the Yorkshire BS conveyancing panel as opposed to being supplied with a list from Yorkshire BS directly.
My father pointed out to me me that in buying a property in Peckham there could be a number of restrictions preventing external changes to the property. Is this right?
There are anumerous of properties in Peckham which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Peckham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am selling my house. I had a double glazing fitted in April 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Aldermore are being difficult. The Peckham solicitor who is on the Aldermore conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Aldermore are insisting on a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Having read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Peckham solicitor - who is on the HSBC conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Peckham postcode. As you are getting a mortgage with HSBC, you could contact them to see if they have a list of approved surveyors in Peckham.
How does conveyancing in Peckham differ for new build properties?
Most buyers of new build residence in Peckham come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Peckham tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Peckham or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Peckham in advance of instructing conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some banks may not give a mortgage on this type of premises.
It depends who your proposed lender is. HSBC has different requirements from Halifax. If you call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Peckham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Peckham to see if the conveyancing costs will increase in light of this.
How much should conveyancing in Peckham cost?
The amount you are charged for Peckham conveyancing costs are likely to be calculated at:
- a standard amount; or
- an hourly rate (i.e. the time spent on the particular case).
In reality very few Peckham conveyancing solicitors invoice on an hourly basis