The vendors of the property we are looking to purchase have appointed a conveyancing firm in Queensbury who has suggested a preliminary agreement with a down payment of 5k. Is it wise to enter into such agreements?
There are a couple of primary concerns with signing a lock out agreement (also termed a no-shop agreement) is that it diverts attention away from making progress with the conveyancing process, so unless it requires minimal or no negotiation then it may turn out to be a cause of frustration and delay. It is not promoted by Queensbury conveyancing practitioners for this reason. The other main negative is the extent of the remedies available - a jilted buyer is not likely to be issued with an injunctive ruling by a court to prohibit the owner selling to another buyer, so the only remedy available under the agreement will be the recovery of abortive costs and, in restricted circumstances, the extra payment of penalties.
Can you clarify what the consequences are if my solicitor is removed from the Skipton Conveyancing panel ahead of completing my conveyancing in Queensbury?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Me and my partner are purchasing a flat in Queensbury. It might be a silly question but how we can trust a conveyancer? On completion day we will need to put funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Queensbury conveyancer on the Leeds Building Society panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
I was told three weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in Queensbury is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The solicitors who did the conveyancing in Queensbury 4 years ago no longer exist. What are my next steps?
Gone are the days when you need to hold title deeds to evidence that you are the registered proprietor of land or property, given that the Land Registry have everything they need in a digital format.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one round the corner in Queensbury I like with open areas and station nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Queensbury for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage that many years will be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Is it true that a Queensbury conveyancing practice taken to court by clients for not carrying out the right conveyancing searches?
We are not aware of such a Queensbury conveyancing claim but it has been reported that, clients buying a property elsewhere in England successfully won a case against their lawyer as a consequence of development permission to erect a wind farm failing to be picked up in conveyancing searches.
If you are thinking of buying a home in Queensbury It is essential that your solicitor carry out all Queensbury conveyancing searches required making sure that you have relevant and up to date information ahead of buying a home in Queensbury.