The sellers of the home we are hoping to buy have instructed a conveyancing practitioner in Cotgrave who has insisted on a lock out contract with a non-refundable deposit of 5k. Are such agreements sensible?
Lock out agreements are contracts binding a property owner and purchaser granting the buyer exclusive rights to purchase the premises within an agreed time frame. For all intents and purposes, an exclusivity agreement is a contract specifying that you will be issued with a contract at a later time being the main conveyancing contract. It tends to be utilised for buyer assurance though in many situations, the proprietor may stand to benefit from such agreements as well. There are various pros and cons to using an agreement but you should to check with your conveyancer but note that it may result in costing you more in conveyancing charges. For these reasons these agreements are rare when it comes to conveyancing in Cotgrave.
My Solicitor in Cotgrave is not listed on the National Westminster Bank Approved Panel. Is it possible for me to use my prefered solicitor even though they are not on the National Westminster Bank panel?
Your options are as follows:
- Carry on with your preferred Cotgrave solicitors but National Westminster Bank will need to use a lawyer on their list of acceptable firms. This will inevitably rack up the total conveyancing charges as well as result in frustration.
- Get an alternative practitioner to to deal with the purchase, obviously checking they are National Westminster Bank approved.
- Persuade your National Westminster Bank based solicitor to attempt to join the National Westminster Bank panel
We are buying a 3 bedroom semi in Cotgrave. Our aim is to carry out a loft conversion at the property.Will the conveyancing process involve investigations to ascertain if these alterations are prohibited?
Your conveyancer should check the deeds as conveyancing in Cotgrave can occasionally reveal restrictions in the title deeds which prevent certain works or require the permission of another owner. Certain works require local authority planning consent and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be sensible to check these issues with a surveyor prior to committing yourself to a purchase.
I'm at the point of viewing houses in Cotgrave and I am now considering a potential offer. Is it best to have my lawyer on ‘stand by’? I am planning to take a mortgage with RBS.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are obtaining a mortgage with RBS, ask your prospective lawyers if they are on the RBS conveyancing panel otherwise they can't do the mortgage legal work.
Having digested plenty 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 Cotgrave solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB 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 Cotgrave 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.
Just bought a semi-detached house in Cotgrave , What is the estimated time for the Land Registry to record my ownership? My Cotgrave conveyancing solicitor has been painfully slow, so I want to check the land registry aspects are dealt with.
There is nothing unique when it comes to conveyancing in Cotgrave registration formalities. Rather than based on location, timescales can vary subject to the party submitting the application, whether there are errors and whether the Land registry must send notices to any interested persons or bodies. As of today roughly 80% of such applications are fully addressed within 12 days but occasionally there can be protracted hold-ups. Registration occurs after the new owner has moved in to the property thus 'speed' is not typically an essential issue but where there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for the application to be prioritised.
Is it simple use the search facility to find a conveyancing solicitor in Cotgrave on the approved list for my bank?
Step one is to choose a bank such as Accord Mortgages Ltd, Skipton Building Society or Platform Home Loans Ltd then specify your location for instance Cotgrave. Conveyancing organisations in Cotgrave and further afield should be identified.
I am buying a house mortgage free. My lawyer has been supplied with with 2 separate proof of photographic ID, bank statement, multiple utility bills. Now he requires a copy from a probate lawyer advising that the money is legitimate and that it has come from inheritance and not dealing E's in Ibiza.
In today’s world you will not be able to complete any Cotgrave conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Evidence of your source of funds is required under Money Laundering Regulations.