We have rather brash sellers who has recommended a lock out agreement with a down payment of 5k. Is it wise to enter into such agreements?
This form of agreement is unusual in Brackley, conveyancers will often try and steer clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer is left exposed. In addition, there is no certainty that just because the vendor has signed a lock out contract they will complete the sale with you. They may be inclined to break the contract if they are offered sufficient offer to do so because an aggrieved purchaser with the benefit of a exclusivity agreement will still have to show losses as a consequence of the breach and these may not equalise the extra amount that your vendor may secure by breaking the agreement, however morally reprehensible that may be.
My Solicitor in Brackley is not on the Coventry Building Society Solicitor Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are excluded from the Coventry Building Society panel?
Your options are as follows:
- Complete the purchase with your existing Brackley solicitors but Coventry Building Society will need to instruct a solicitor on their panel. This will inevitably rack up the total conveyancing fees as well as result in delays.
- Find an alternative practitioner to to deal with the purchase, not forgetting to check they are Coventry Building Society approved.
- Persuade your Coventry Building Society solicitor to try to join the Coventry Building Society panel
I'm buying my first flat in Brackley with a loan from Clydesdale. The developers would not budge the amount so I negotiated £7000 of extras instead. The estate agent told me not reveal to my solicitor about the extras as it could put at risk my mortgage with Clydesdale. Is this normal?.
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.
I decided to have a survey done on a house in Brackley prior to instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some lenders will not issue a mortgage on such a house.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Brackley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Brackley to see if the conveyancing costs will increase in light of this.
What makes a Brackley lease problematic?
Leasehold conveyancing in Brackley is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain parts of the building A duty to insure the building
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.
Leasehold Conveyancing in Brackley - Sample of Questions you should consider before buying
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How is the lease structured? Please inform me if there are any major works anticipated that will likely add a premium to the service fees? Are any of leasehold owners in dispute over their service charge payments?
I see that you have a post code search directory identifying firms on the bank conveyancing panel. Do Brackley conveyancing companies pay you a referral fee if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Brackley.