The vendors of the house we are looking to purchase have instructed a conveyancing practitioner in Cann Hall who has recommended a lock out contract with a down payment 10k. Are such agreements sensible?
There are two primary downsides with executing a lock out contract (sometimes referred to as a no-shop agreement) is that it diverts attention away from making progress with the conveyancing transaction itself, so in the absence of it needing limited or no negotiation then it could turn out to be a cause of frustration and delay. It is not promoted by Cann Hall conveyancing lawyers for this reason. The other main concern is the extent of the remedies available - a jilted purchaser is extremely unlikely to be granted injunctive relief to prevent the owner selling to an alternative purchaser, so the only remedy open via the contract will be the reimbursement of abortive charges and, in restricted situations, the additional payment of penalties.
In reviewing online forums for a conveyancing lawyer in Cann Hall, most comment that I should use a CQS assured lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home ownership transfers, trusted by some of the UK's biggest mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). CQS is not a scheme offered by the Council of Licensed Conveyancing. Cann Hall is one of the many areas of the UK where there are Accredited lawyers.
How does conveyancing in Cann Hall differ for newly converted properties?
Most buyers of new build property in Cann Hall approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Cann Hall typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Cann Hall or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Cann Hall I like with open areas and railway links nearby, however it only has 52 years on the lease. I can't really find anything else in Cann Hall in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years will be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
As co-executor for the will of my grandmother I am disposing of a residence in Monmouth but reside in Cann Hall. My solicitor (approximately 260 kilometers awayrequires that I sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing practitioner in Cann Hall to attest and place their company stamp on the document?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will be fine regardless of whether they are located in Cann Hall
We had our home loan agreed in principle yesterday with our lender. We are using a reputable conveyancer in Cann Hall last week. This morning, our broker called to say that the bank said that we cannot use our solicitor as they aren't on their panel. As FTB's, we had no idea that the lender had some control over our choice Is this legal?
You can actually choose any lawyer you prefer to instruct for your conveyancing in Cann Hall however if they are not on the your lender's panel you will have to pay an extra fee so the bank can appoint their own solicitors as well to protect their interest. It may be conceivable that your preferred conveyancing firm to get added to the mortgage company list of approved firms. Do make the most of web-based search facilities including lenderpanel.com to find a conveyancing solcitor in Cann Hall on the lender panel. You can go into your high street bank branch in Cann Hall. They will know some good conveyancing solicitors in Cann Hall on the approved list.