The owners of the house we are hoping to buy hired a conveyancing solicitor in Forest Hill who has insisted on a exclusivity contract with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
Lock out agreements are contracts binding a property seller and prospective acquirer granting the buyer the sole right to purchase the property for a certain period of time. Essentially, an exclusivity agreement is a contract stating that you should receive a contract at a later date which is the main conveyancing contract. It is generally used for buyer protection though in some cases, the owner may enjoy an upside from such agreements as well. There are various pros and cons to having an agreement but you need to check with your lawyer but note that it may end up incurring extra in conveyancing charges. In light of these reasons these contracts are rare in relation to conveyancing in Forest Hill.
Do the Building Society Association intend to launch a online directory to to identify solicitors on the Norwich and Peterborough Building Society conveyancing panel for instance in Forest Hill?
We have not been informed any intention on the part of the BSA to develop such a register.
We expect to receive a AIP from Principality this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Principality recommend any Forest Hill solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Forest Hill solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
About to purchase flat in Forest Hill. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Forest Hill property lawyer is on the Skipton conveyancing panel.
Aldermore have agreed my mortgage in principle, my offer on a flat in Forest Hill has been accepted, what happens next?
The estate agent will want to be advised as to your conveyancer's details (make sure the solicitors are on the lender’s approved list). Call up Aldermore or the financial adviser and complete any appropriate paperwork. Aldermore will instruct a valuer who will get in touch with the estate agent or seller to arrange a slot for the valuation to happen. Once carried out (assuming no problems) it takes about a week to receive the mortgage offer. Aldermore will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Forest Hill.
Various online forums that I have frequented warn that are the main cause of hinderance in Forest Hill house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Forest Hill.
Due to the input of my in-laws I had a survey completed on a property in Forest Hill ahead of appointing conveyancers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies tend not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. If you contact us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Forest Hill. Conveyancing will be smoother if you use a solicitor in Forest Hill especially if they are familiar with such properties in Forest Hill.
I was pointed in your direction by numerous selling agents in Forest Hill to choose a property lawyer on your site. What’s the financial incentive for Estate Agents to offer your site ahead of alternative conveyancing organisations?
We refuse to make any referral fee for sending work in our direction. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.