The sellers of the property we are hoping to buy are using a conveyancing firm in Westbury Park who has recommended a lock out agreement with a non-refundable deposit two thousand pounds. Is it wise to enter into such agreements?
Exclusivity agreements are contracts binding a property owner and prospective buyer giving the buyer exclusive rights to purchase the property for a set period of time. Essentially, a lock out is a document stating that you will have a contract at a later time which is the main conveyancing contract. It is generally used for buyer confidence though in some cases, the vendor may enjoy an upside from such agreements as well. There are numerous positives and negatives to using an agreement but you should to check with your solicitor but beware that it may result in costing you extra in conveyancing fees. For these reasons these contracts are unusual when it comes to conveyancing in Westbury Park.
Why do I have to pay up front for my conveyancing in Westbury Park?
If you are buying a property in Westbury Park your solicitor will request that you place them with monies to cover the the cost of the conveyancing searches. Generally this is asked for to cover the fees of the conveyancing searches. If any down payment is payable against the purchase price then this should be asked for immediately before contracts are exchanged. The final balance that is due should be sent to your lawyer shortly before completion.
My wife and I have recently appointed a conveyancing solicitor in Westbury Park. I I would like to check if they are accepted on the Bank of Ireland conveyancing panel. Can you help?
You should contact your lawyer and enquire whether they can act for the bank. Alternatively you can get in touch with Bank of Ireland who may be able to assist.
We are buying a flat in Westbury Park. It might be a silly question but how we can trust a lawyer? On completion day we will need to put money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
What is your number one tip for finding a conveyancing solicitor in Westbury Park
We would encourage you not to go for the cheapest Westbury Park conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
My partner and I have arranged a further advance on our home loan from Virgin Money as we intend to conduct alterations to our property in Westbury Park. Are we obliged to choose a high street Westbury Park solicitor on the Virgin Money conveyancing panel to handle the paperwork?
Virgin Money would not normally require a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money list.
I used Stirling Law several years ago for my conveyancing in Westbury Park. Now, I need the files however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Westbury Park of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Can you offer any advice when it comes to finding a Westbury Park conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Westbury Park conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Westbury Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be of use:
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Can they put you in touch with clients in Westbury Park who can give a testimonial? How many lease extensions have they carried out in Westbury Park in the last year?
I bought a studio flat in Westbury Park, conveyancing formalities finalised in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Westbury Park with a long lease are worth £260,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2100
With only 75 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.