The owners of the home we are looking to purchase have instructed a conveyancing practitioner in Grays who has recommended a exclusivity agreement with a non-refundable deposit two thousand pounds. Are such agreements sensible?
There are a couple of main drawbacks with entering into any lock out contract (also referred to as a shut-out contract) is that it diverts attention away from moving forward with the conveyancing transaction itself, so unless it requires little or no negotiation then it could transpire to be a hindrance. It is not strongly advocated by Grays conveyancing practitioners for this reason. A supplemental concern is the extent of the remedies available - an aggrieved buyer is extremely unlikely to be granted an injunction to prohibit the vendor completing the sale to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of wasted costs and, in restricted scenarios, the additional payment of damages.
We're in Grays, First timers purchasing with a mortgage (lender is Santander , and our solicitor is on the Santander conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Santander conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner 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 Kent Reliance, do Grays conveyancing practitioners have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We had appointed conveyancers located in Grays on the Nottingham solicitor panel. They are now charging me a supplemental sum for dealing with the Nottingham mortgage. Is this an additional conveyancing fee set by Nottingham?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancer can charge a fee for this. This fee is not dictated by Nottingham but by your Grays lawyer. Numerous firms on the Nottingham panel will charge an ‘acting for lender’ fee but many practices incorporate it on their overall fee.
I recently had an offer agreed on a house in Grays. My mortgage broker suggested a lawyer. I paid an advanced payment of £225. A few days later, the solicitor called me embarrassingly acknowledging that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I understand that there are debates on Chancel Insurance on online forums. Do I require this when acquiring a residence in Grays? or Apparently there is a law dating back centuries that could mean that owners of property living in a parish church boundary may be liable to contribute towards repairs towards the chancel in proximity to the church. Is this applicable for conveyancing in Grays?
Unless a prior acquisition of the premises completed after 12 October 2013 you may expect lawyers handling conveyancing in Grays to continue to suggest a chancel search and or insurance against a claim.
How does conveyancing in Grays differ for newly converted properties?
Most buyers of new build residence in Grays contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Grays typically acquire the real estate, 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 accustomed to new build conveyancing in Grays or who has acted in the same development.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.