The sellers of the house we are looking to purchase have appointed a conveyancing practitioner in Rudry who has suggested a lock out agreement with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
Exclusivity contracts are contracts binding a home vendor and prospective buyer giving the buyer the sole right to the sale of the property within an agreed time frame. For all intents and purposes, an exclusivity is a document stating that you will receive a contract at a later date which is the main conveyancing contract. It tends to be utilised for buyer protection though in many situations, the seller may enjoy an upside from such agreements as well. There are many positives and negatives to using an agreement but you need to check with your solicitor but beware that it may result in costing you extra in conveyancing fees. For this these agreements are avoided in relation to conveyancing in Rudry.
We're in Rudry, First time buyers buying with a mortgage (lender is Principality , and our lawyer is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
When it comes to lenders such as HSBC, do Rudry conveyancers incur an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I recently had an offer accepted on an apartment in Rudry. My mortgage broker suggested a conveyancing practitioner. I paid an upfront payment of £175. Not long after, the conveyancer contacted me embarrassingly acknowledging that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have instructed a Rudry conveyancer having checked that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide 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 property lawyer 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 Rudry postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Rudry.
My wife and I own a semi-detached Edwardian house in Rudry. Conveyancing practitioner represented me and Godiva Mortgages Ltd. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold under the exact same property. Is it worth asking Godiva Mortgages Ltd to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Rudry and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing practitioner who carried out the work.
How does conveyancing in Rudry differ for new build properties?
Most buyers of new build residence in Rudry approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Rudry tend to buy 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 conveyancers 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 Rudry or who has acted in the same development.
Living abroad it is not practicable to visit my Rudry conveyancing lawyers office to execute documents connected to my conveyancing in Rudry – will this be an issue?
No. Rudry conveyancing lawyers can undertake home moves for clients nationwide. You are unlikely to be required to meet your lawyer in the flesh at a Rudry conveyancers office. Almost all conveyancing practitioner can handle all communications remotely from their Rudry premises.