The owners of the house we are purchasing hired a conveyancing practitioner in Downend who has insisted on a lock out agreement with a non-refundable deposit two thousand pounds. Is it wise to enter into such agreements?
Exclusivity agreements are agreements between a property owner and purchaser giving the buyer exclusive rights to purchase the premises for a set period of time. For all intents and purposes, an exclusivity agreement is a contract specifying that you should have a contract at a later time which is the main conveyancing contract. It tends to be utilised for buyer protection though in some cases, the seller may stand to benefit from such agreements as well. There are numerous positives and negatives to using an agreement but you should to check with your conveyancer but note that it may result in incurring extra in conveyancing charges. In light of this these agreements are not popular when it comes to conveyancing in Downend.
I am considering applying for a Co-operative mortgage for purchase of a new build (under development) in Downend with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
In theory, you could use a solicitor that is not on the Co-operative conveyancing panel, but Co-operative would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
It has been five months following my purchase conveyancing in Downend took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Downend differ for new build properties?
Most buyers of new build premises in Downend come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Downend tend to acquire the site, 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 Downend or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and identified one round the corner in Downend I like with amenity areas and transport links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Downend in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan that many years will likely be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I am thinking of appointing a conveyancing practitioner in Downend for my sale. Is there any facility to review a firm’s complaints history with the legal regulator?
One may search for presented Solicitor Regulator Association (SRA) determinations resulting from investigations started on or after Jan 2008. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The regulator may recorded telephone calls for training requirements.