The owners of the house we are hoping to buy are using a conveyancing solicitor in Clerkenwell who has suggested a exclusivity contract with a down payment 6,000. Is it wise to enter into such agreements?
There are a couple of main concerns with entering into any lock out agreement (also termed a shut-out contract) is that it takes away the focus from progressing with the conveyancing process, so unless it requires little or no negotiation then it could transpire to be a hindrance. It is not promoted by Clerkenwell conveyancing lawyers for this reason. The other main issue is the extent of the remedies available - a jilted purchaser is not likely to obtain injunctive relief to bar the vendor disposing of the property to another buyer, so the only remedy available under the agreement will be the recovery of wasted costs and, in limited circumstances, the extra payment of damages.
My Solicitor in Clerkenwell is not on the Aldermore Conveyancing Panel. Is it possible for me to continue with my prefered solicitor even though they are not on the Aldermore panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your preferred Clerkenwell solicitors but Aldermore will need to retain a lawyer on their panel. This will inevitably rack up the total legal fees as well as cause frustration.
- Find an alternative practitioner to to deal with the purchase, obviously checking they are on the Aldermore panel
Is there a list of Kent Reliance panel conveyancers in Clerkenwell on the Council of Mortgage Lender’s Website?
No. There is no such tool on the CML or Building Society Association sites. A small selection of lenders make their panel listings visible over the internet. Where you are looking for a Clerkenwell conveyancer on the Kent Reliance please make the most of our tool.
It is not clear whether my lender requires a lease extension. I have called into my local Clerkenwell bank branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Clerkenwell conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I have no idea who is right.
The conveyancing practitioner has to follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 remaining.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Clerkenwell solicitor - who is on the HSBC conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Clerkenwell surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have been told that property searches are the number one reason for obstruction in Clerkenwell conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Clerkenwell.
We're FTB’s - had an offer accepted, but the property agent has warned us that the seller will only proceed if we instruct the agent's recommended solicitors as they are insisting on an ‘expedited deal’. We would rather use a family conveyancer used to conveyancing in Clerkenwell
We suspect that the seller is not behind this demand. Should the vendor want ‘a quick sale', turning down a genuine purchaser is counter productive. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you are going to instruct your own,trusted Clerkenwell conveyancing lawyers - not the ones that will earn the estate agent a referral fee or achieve conveyancing thresholds demanded by HQ.
Been reading online that Clerkenwell solicitors are more costly than Clerkenwell conveyancers in Clerkenwell to use when purchasing a property. Am I better off using a conveyancer or a solicitor where I am purchasing a house in Clerkenwell.
When it comes to conveyancing in Clerkenwell the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.