The owners of the property we are looking to purchase are using a conveyancing firm in Barnes Cray who has suggested a exclusivity contract with a down payment 6,000. Is it wise to enter into such agreements?
Lock out agreements are agreements binding a property vendor and prospective buyer giving the buyer a ‘clear field’ to the sale of the premises for a limited period of time. Essentially, an exclusivity agreement is a contract specifying that you will have a contract at a later time being the main conveyancing contract. It is generally used for buyer protection though in some cases, the seller may stand to benefit from such agreements as well. There are numerous positives and negatives to using them but you should to check with your solicitor but note that it may end up incurring more in conveyancing charges. In light of these reasons these contracts are avoided when it comes to conveyancing in Barnes Cray.
Can I be sure that the Barnes Cray conveyancing solicitor on the Clydesdale panel is any good?
When it comes to conveyancing in Barnes Cray obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor carrying out your transaction.
The mortgage over my property is with Nationwide for my property in Barnes Cray. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
Nationwide must be informed of your intention prior to renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel solicitor.
It is not clear whether my bank requires a lease extension. I have called into my local Barnes Cray bank branch on various occasions and was reassured it wasn't a problem and they would lend. My Barnes Cray conveyancing solicitor - who is on the lender conveyancing panel- called and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The lawyer must follow the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Various online forums that I have come across warn that are the number one reason for stalling in Barnes Cray house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Barnes Cray.
I completed on my house on 9 August and the transaction details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Barnes Cray said it should be concluded in a couple of weeks. Are transfers in Barnes Cray uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Barnes Cray registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to who lodges the application, whether it is in order and if the Land registry need to notify any other parties. Currently approximately 80% of such applications are fully dealt with within 12 days but occasionally there can be protracted delays. Registration is effected after the purchaser has moved in to the property therefore an expedited registration is not typically top priority yet if there is a degree of urgency associated with the registration then you or your lawyers can speak with the land registry and explain the circumstances.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Barnes Cray is where the house is located. Is there any advice you can give?
Flying freeholds in Barnes Cray are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Barnes Cray you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barnes Cray may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
The mortgage offer from a lender for the refinancing of my 3 bedroom maisonette is to be issued within the next few days. Could you suggest an efficient remortgage conveyancing solicitor in Barnes Cray ?
You have come to the wrong place to search for the cheapest conveyancing solicitors in Barnes Cray. Our intention is to offer excellent value conveyancing but we do not work with the cheapest lawyers. Avoid the trap of appointing brokers offering £99 conveyancing in Barnes Cray.In your best case scenario, in opting for cheap conveyancing, you will get what you pay for and at worst you will end up invoiced for additional fee and still not receive the service you were hoping for.