The owners have rather assertive vendors who has suggested a lock out agreement with a deposit 6,000. Is it wise to enter into such agreements?
There are a couple of primary concerns with executing a lock out contract (sometimes termed an exclusivity agreement) is that it takes away the focus from making progress with the conveyancing process, so unless it requires limited or no negotiation then it could transpire to be a hindrance. It is not promoted by Devon conveyancing lawyers for this reason. The other main issue is the extent of the remedies available - a jilted buyer is extremely unlikely to win an injunction to bar the seller completing the sale to a third party, so the only remedy open via the contract will be the recovery of wasted charges and, in restricted situations, the additional payment of damages.
We're in Devon, FTBs buying with a mortgage (lender is Aldermore , and our lawyer is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
When it comes to mortgage companies such as TSB, do Devon solicitors have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
My wife and I have arranged a further advance on our home loan from Principality as we intend to conduct alterations to our home in Devon. Are we obliged to appoint a local Devon solicitor on the Principality conveyancing panel to handle the legals?
Principality do not ordinarily instruct firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality list.
I currently have a mortgage with Coventry BS for my property in Devon. Conveyancing was finalised 12 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 Coventry BS?
Your original mortgage agreement with Coventry BS will provide that you need their approval prior to renting your property as this is likely to be a breach of Coventry BS’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 Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel lawyer.
How easy is it to change solicitor as I have to choose a firm on the Skipton Building Society conveyancing panel. I instructed a high street conveyancing solicitor in Devon five minutes from me but she is not accepted by Skipton Building Society
It would be our pleasure to assist you select a conveyancing solicitor in Devon on the Skipton Building Society panel. Please note that the property lawyers that we work with do not pay us fee if you instruct them and are under regulation of the Solicitors Regulation Authority who regulate all conveyancing solicitors in Devon. In utilising search facility on this site, you can compare costs for conveyancing solicitors in Devon and beyond.
Am I better off to appoint a Devon conveyancing practitioner based in the location that I am hoping to buy? An old friend can carry out the legal work but they are based 200miles drive away.
The primary upside of using a local Devon conveyancing firm is that you can attend the office to execute documents, hand in your identification documents and pester them where appropriate. Having local Devon know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were happy that should surpass using an unfamiliar Devon conveyancing solicitor solely due to them being round the corner.
I only have Fifty years unexpired on my lease in Devon. I need to get lease extension but my landlord is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the lessor. In some cases a specialist would be helpful to conduct investigations and prepare a report to be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Devon.
Devon Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
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Does the lease have more than 80 years remaining? Is there a share of the freehold? How many of the leaseholders are in arrears for their maintenance charge payments?