The owners have rather brash vendors who has suggested a exclusivity agreement with a down payment 10k. Are such agreements sensible?
There are two primary drawbacks with entering into any lock out contract (sometimes referred to as an exclusivity agreement) is that it can distract from progressing with the conveyancing process, so unless it requires limited or no negotiation then it could turn out to be a cause of frustration and delay. It is not particularly popular by Penylan conveyancing solicitors for this reason. The other main issue is the extent of the remedies available - a jilted purchaser is very unlikely to win an injunction to prohibit the seller disposing of the property to another buyer, so the only remedy open via the agreement will be the reimbursement of abortive charges and, in rare situations, the extra payment of penalties.
My lawyer in Penylan is not on the The Royal Bank of Scotland Approved Panel. Is it possible for me to use my family solicitor notwithstanding that they are excluded from the The Royal Bank of Scotland panel?
The limited options available to you here include:
- Carry on with your existing Penylan solicitors but The Royal Bank of Scotland will need to retain a conveyancer on their panel. This will inevitably rack up the total conveyancing fees as well as result in frustration.
- Choose an alternative lawyer to act in the purchase, remembering to check they are The Royal Bank of Scotland approved.
- Try to convince your The Royal Bank of Scotland based solicitor to attempt to join the The Royal Bank of Scotland panel
Can you point me to a directory of Barclays panel solicitors in Penylan on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association websites. Very few lending institutions make their panel listings viewable over the internet. Where you are seeking to appoint a Penylan conveyancer on the Barclays please use our tool.
We are getting a further advance on our home loan from Kent Reliance as we wish to carry out a loft conversion to our house in Penylan. Are we obliged to choose a nearby Penylan solicitor on the Kent Reliance conveyancing panel to handle the paperwork?
Kent Reliance don't usually instruct a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance list.
We were going to get a AIP from Bank of Ireland this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Penylan solicitors on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Penylan solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
It has been 2 months following my purchase conveyancing in Penylan completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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 asset 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.
How does conveyancing in Penylan differ for newly converted properties?
Most buyers of new build property in Penylan contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Penylan typically buy 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 property lawyers 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 accustomed to new build conveyancing in Penylan or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, no chain conveyancing. Penylan is the location of the property. Is there any advice you can impart?
Flying freeholds in Penylan are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Penylan you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penylan 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 premises.