The vendors of the home we are hoping to buy have appointed a conveyancing firm in Eynsham who has suggested a lock out contract with a payment of 5k. Are such agreements sensible?
There are a couple of primary drawbacks with entering into any lock out contract (sometimes referred to as an exclusivity agreement) is that it takes away the focus from making progress with the conveyancing process, so in the absence of it needing little or no negotiation then it may turn out to be a cause of frustration and delay. It is not strongly advocated amongst Eynsham conveyancing lawyers for this reason. The other main concern is the extent of the remedies available - an aggrieved buyer is very unlikely to secure an injunction to bar the seller disposing of the property to another buyer, so the only remedy open via the agreement will be the recovery of abortive costs and, in rare circumstances, the extra payment of penalties.
I am considering refinancing my apartment in Eynsham, does my lawyer need to be on the Co-operative Solicitor panel?
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 conveyancing matter.
My colleague suggested that where I am purchasing in Eynsham I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Eynsham conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about Eynsham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Eynsham Education with plans and statistics, Local Amenities and other useful data concerning Eynsham.
How does conveyancing in Eynsham differ for new build properties?
Most buyers of new build premises in Eynsham come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Eynsham usually purchase 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 property lawyers 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 Eynsham or who has acted in the same development.
I am looking for a ground for flat up to £305k and found one near me in Eynsham I like with open areas and railway links nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Eynsham for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Myself and my wife have recently had an offer agreed on a property and had meeting on Wednesday with HSBC for the mortgage. They warned me that when it comes to choosing a lawyer that if they are not on their approved panel of lawyers then we will be subject to an an extra fee of £200. This is because they would then have to appoint a property lawyer to act on their behalf as well as the one we choose to act on our behalf and we will be on the hook for their costs. I have asked HSBC to provide me with a list so I can request quotes only from their approved lawyers but was told that I need to check with each individual solicitor to see if they are on the panel. Is there a list online?
You can enquire of HSBC what their criteria for joining their panel is for a conveyancer.Thereafter ask the conveyancer of your choice whether they fit that criteria and have they acted on loans for HSBC previously. Where the answer to those is yes, then just clarify this with HSBC. Another option is to utilise our search facility and we may be able to locate a conveyancing practitioner in Eynsham on the panel for HSBC.