We have very pushy vendors who has insisted on a preliminary agreement with a non-refundable deposit 6,000. Are such agreements sensible?
There are a couple of primary drawbacks with executing a lock out contract (sometimes referred to as an exclusivity agreement) is that it can distract from making progress with the conveyancing work, so in the absence of it needing minimal or no negotiation then it may turn out to be a cause of frustration and delay. It is not particularly popular amongst Raunds conveyancing lawyers for this reason. A further issue is the extent of the remedies available - a jilted purchaser is not likely to be granted an injunctive ruling by a court to prevent the owner selling to an alternative purchaser, so the only remedy open via the contract will be the reimbursement of abortive costs and, in rare scenarios, the additional payment of penalties.
What does my ID and proof of funds have anything to do with my conveyancing in Raunds? What am I being asked for?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Raunds. However these days you will not be able to complete any conveyancing transaction without first providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a bank statement. Please note that if you are providing your driving licence as proof of identification it must be both the paper element as well as the photo card part, one is not acceptable in the absence of the other.
Verification of your origin of funds is required under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your lawyer will need to have this information on file. Your Raunds conveyancing lawyer will require evidence of proof of funds prior to accepting any monies from you into their client account and they should also ask additional queries regarding the source of funds.
Will our solicitor be making enquiries about flooding as part of the conveyancing in Raunds.
Flooding is a growing risk for lawyers dealing with homes in Raunds. There are those who buy a property in Raunds, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, however there are a number of searches that can be carried out by the buyer or by their conveyancers which can figure out the risks in Raunds. The standard information sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to discover if the premises has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the seller, then a purchaser may commence a compensation claim as a result of such an incorrect reply. The purchaser’s conveyancers should also conduct an environmental search. This should disclose if there is a recorded flood risk. If so, more detailed investigations will need to be initiated.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Raunds I like with open areas and railway links in the vicinity, however it's only got 52 years on the lease. There is not much else in Raunds in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the shortness of the lease may be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
My step-father has suggested that I use his lawyers for conveyancing in Raunds. Do I take his advice?
Much as we are happy to recommend a Raunds conveyancing lawyer it’s preferable to choose a conveyancing practitioner is to seek recommendations from friends or family who have actually used the firm you're considering.
I am planning to acquire a property and need a conveyancing solicitor in Raunds who is on the lender solicitor panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the mortgage company who do conveyancing in Raunds. We dont recommend any particular solicitor.