The owners have very assertive vendors who has insisted on a lock out contract with a down payment 6,000. Are such arrangements recommended for Penryn conveyancing transactions?
Lock out contracts are contracts between a property owner and purchaser giving the buyer exclusive rights to purchase the premises for a set period of time. For all intents and purposes, an exclusivity is a document stating that you will receive a contract at a later time being the contract for the actual sale. It tends to be utilised for buyer assurance though in many situations, the owner may stand to benefit from such agreements as well. There are many positives and negatives to using them but you need to check with your conveyancer but beware that it may result in costing you more in conveyancing fees. In light of this these contracts are rare when it comes to conveyancing in Penryn.
In what way does my ID and proof of funds have anything to do with my conveyancing in Penryn? Is this really necessary?
It is indeed that case that these requests have nothing to do with conveyancing in Penryn. Nowadays you will not be able to proceed with any conveyancing process in the absence providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a bank statement. Remember if you are supplying your driving licence as proof of identification it needs to be both the paper part and photo card part, one is not satisfactory without the other.
Evidence of the origin of funds is mandated under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer must retain this information on file. Your Penryn conveyancing solicitor will require evidence of proof of funds before they are able to accept any money from you into their client account and they may also ask further questions regarding the source of funds.
How does conveyancing in Penryn differ for new build properties?
Most buyers of new build property in Penryn approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Penryn tend to purchase the site, 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 Penryn or who has acted in the same development.
I opted to have a survey done on a house in Penryn ahead of appointing conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor advised that some lenders may refuse to grant a loan on a flying freehold home.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you e-mail us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Penryn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Penryn to see if the conveyancing will be more expensive.
I'm remortgaging my primary house to a buy to let mortgage with Nationwide Building Society and I will use the rest of the raised equity as a down payment on another property. The neighborhood we are looking at is Penryn. Will your solicitors be able to act for the two banks and tie in the conveyances?
Make use of our search tool on this site to be sure that the solicitors are on the relevant lender panels. On the basis that they are your conveyancer should be able to tie up the two conveyancing matters but you should have a chat with you conveyancer and make apparent your desired outcome and requirements.
We are soon to purchasing a property in Penryn. Conveyancing is not over but we would like keep the amount we are are buying for confidential from sites such as Zoopla. How can this be done?
HM Land Registry are legally bound to specify price paid information on the official title for residential properties countrywide which includes premises in Penryn. The register of title is an open document, so HMLR would be breaking the law excluded specific properties such as your property in Penryn.
You can ask HMLR to withhold the amount paid data but the answer would be a No.