We have very assertive sellers who has recommended a lock out contract with a deposit of 5k. Are such agreements sensible?
There are a couple of primary concerns with entering into any lock out agreement (also termed an exclusivity agreement) is that it can distract from making progress with the conveyancing process, so in the absence of it needing little or no negotiation then it could transpire to be unhelpful. It is not particularly popular by East Coker conveyancing lawyers as a result. The other main concern is the extent of the remedies available - an aggrieved purchaser is very unlikely to obtain injunctive relief to stop the vendor selling to a third party, so the only remedy available under the agreement will be the reimbursement of abortive charges and, in restricted situations, the extra payment of damages.
Please explain the implications if my lawyer’s firm is expelled from the Nottingham Solicitor panel ahead of completing my conveyancing in East Coker?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
is it true that all East Coker conveyancing solicitors on the Leeds Building Society conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. The majority of banks do list licenced conveyancers on their panel and in such a situation the organisation would be overseen by the CLC.
I am buying a property in East Coker. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Leeds Building Society be concerned?
Given that your lender is Leeds Building Society your lawyer must follow the formal instructions set out in Part 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Leeds Building Society where a lease does not comply with these specifications. The conditions relate to the installation of panels on properties countrywide and is not limited to East Coker.
I have paid off my mortgage with Co-operative. I assume I don't need a East Coker solicitor on the Co-operative panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I have been told that property searches are the primary cause of hinderance in East Coker conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in East Coker.
I'm purchasing a new build house in East Coker with the aid of help to buy. The builders refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not reveal to my conveyancer about this deal as it could affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the guidance of my in-laws I had a survey completed on a house in East Coker before retaining conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some lenders tend not give a loan on this type of property.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. If you e-mail us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in East Coker. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in East Coker to see if the conveyancing costs will increase in light of this.