The owners of the property we are looking to purchase have appointed a conveyancing practitioner in South Croydon who has insisted on a preliminary agreement with a non-refundable deposit of 5k. Are such agreements sensible?
Lock out agreements are agreements between a property seller and prospective acquirer granting the buyer a ‘clear field’ to purchase the property within an agreed time frame. Essentially, a lock out is a document stating that you will receive a contract at a later date being the contract for the actual sale. It is generally utilised for buyer assurance though in some cases, the vendor 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 more in conveyancing charges. In light of this these contracts are avoided when it comes to conveyancing in South Croydon.
In what way does my ID and proof of funds have anything to do with my conveyancing in South Croydon? Is this really warranted?
It is indeed that case that these requests have nothing to do with conveyancing in South Croydon. Nowadays you can not complete any conveyancing process without first supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Please note that 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 sufficient without the other.
Proof of your source of money is necessary in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancing solicitor must retain this information on record. Your South Croydon conveyancing lawyer will require evidence of proof of funds prior to accepting any money from you into their client account and they will also ask further queries regarding the source of funds.
We are planning to buy with Loughborough BS. I went into 3 or 4 local solicitors yet am struggling to find a South Croydon conveyancing firm on the Loughborough BS panel. Please you assist?
You should make the most of the search tool on this page. Pick the mortgage company and type South Croydon or your preferred area and you will see numerous conveyancers based in South Croydon or by proximity to you.
Forgive me if this question is silly but I am unseasoned as a 1st time purchaser of a ground floor flat in South Croydon. Do I receive the keys to the premises on the completion date from my conveyancer? If this is the case, I will find a local conveyancing solicitor in South Croydon?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the seller's lawyers, and shortly after the monies have arrived, you will be invited to pick up the keys from the selling Agents and move into your new home. Usually this occurs early afternoon.
I am the single beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in South Croydon. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be considered the same way as though I had purchased the house in October. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How practical a view banks take of it, depend on the bank as this requirement principally exists to pick up on the purchase and immediately sell or the quick reselling of properties.
We were going to get a AIP from Clydesdale 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 Clydesdale recommend any South Croydon solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint South Croydon solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
How does conveyancing in South Croydon differ for new build properties?
Most buyers of new build premises in South Croydon contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is completed. This is because builders in South Croydon tend to buy the real estate, 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 South Croydon or who has acted in the same development.
I need to instruct a conveyancing practitioner in South Croydon for my house move. Is there any facility to review a solicitor's complaints history with the legal regulator?
One can review published Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training reasons.