The sellers of the property we are hoping to buy hired a conveyancing firm in Southend who has insisted on a exclusivity agreement with a payment 10k. Is it wise to enter into such agreements?
Exclusivity contracts are agreements binding a property seller and purchaser granting the buyer the sole right to purchase the property within a prescribed time frame. For all intents and purposes, a lock out is a document stating that you will be issued with a contract at a later date being the contract for the actual sale. It tends to be utilised for buyer assurance though in many situations, the owner may stand to benefit from such agreements as well. There are many positives and negatives to using an agreement but you need to check with your solicitor but note that it may result in incurring extra in conveyancing charges. In light of these reasons these contracts are not popular in relation to conveyancing in Southend.
Why do I have to pay up front when it comes to conveyancing in Southend?
Where you are retaining lawyers for conveyancing in Southend your solicitor will request that you place them with monies to cover the the cost of the conveyancing searches. Ordinarily this is asked for to cover the fees of the conveyancing searches. When the down payment is as part of the total price then this will be needed immediately before exchange of contracts. The final balance that is needed will be payable a few days ahead of the completion date.
I have been told that property searches are a common reason for stalling in Southend house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Southend.
I am purchasing my first flat in Southend with the aid of help to buy. The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not to tell my solicitor about this extras as it will impact my mortgage with Britannia. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Taking into account that I am about to part with £400,000 on a terraced house in Southend I would like to talk to a solicitor about myconveyancing prior to instructing the firm. Can this be arranged?
This is something that we recommend - we would be pleased to talk to you we do not take any clients on without you speaking to the lawyer who will be carrying out your property ownership legalities in Southend.There is no ‘factory style conveyancing’ - every client is an important individual, not a case reference. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Southend should be the figure that you are charged.
Are the Southend conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the mortgage company?
Southend law firm practices and firms carrying out conveyancing in Southend themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the bank directly.