The owners have rather pushy vendors who has insisted on a lock out agreement with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
This kind of arrangement is not the norm in Topsham, conveyancers are not keen on them as they detract from focusing on the primary focus, namely conveyancing and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the seller has signed an exclusivity contract they will sell to you. They may be in contravention of the contract if they are offered sufficient financial inducement to do so because a wronged buyer with the benefit of a exclusivitycontract will still be duty bound to establish consequential losses from the breach and this may not amount to the financial upside that your seller may gain by breaking the contract, however morally condemnable it undoubtedly is.
We note that you have a search directory listing law firms on the Principality conveyancing panel. Do firms pay you a commission if I appoint them for our own conveyancing in Topsham?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Topsham.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would much rather use a Topsham based conveyancing firm?
Do check but the chances are that appoint one of their panel lawyers if you want the "fee-free" offer. Contact the bank to ask if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Topsham.
I'm the sole beneficiary of my late mum's will and I have everything in my name now, including the my former home in Topsham. Conveyancing formalities meant that the Land Registry date was in March. I want to move. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the house in March. Do I have to wait half a year to sell?
The CML handbook obliges 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 impacted by that. Some mortgage companies would take a practical view as this requirement principally exists to capture subsales or the flipping of property.
I have paid off my mortgage with Principality. I assume I don't need a Topsham solicitor on the Principality panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Principality 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 Principality mortgage from the register. Principality, 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 Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
Intending to buy a maisonette in Topsham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Topsham conveyancing practitioner is on the Lloyds conveyancing panel.
I am purchasing my first flat in Topsham with a loan from Halifax. The sellers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not to tell my lawyer about the side-deal as it will jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Would local authority consent be needed to change a single dwelling into multiple flats in Topsham? This has been carried out to a property next door to my house in Topsham and was ignorant of it happening until after the works were complete.
Planning permission is required for converting a single house in Topsham into apartments but probably not for converting once again to single dwelling-house so, in answer to your query, yes,a it is required.