The vendors of the home we are purchasing have instructed a conveyancing practitioner in Isleworth who has recommended a lock out contract with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
Lock out contracts are contracts binding a property owner and prospective buyer granting the buyer exclusive rights to the sale of the property for a limited period of time. For all intents and purposes, an exclusivity agreement is a contract stating that you will be issued with a contract at a later time which is the contract for the actual sale. It tends to be utilised for buyer assurance though in some cases, the owner may enjoy an upside from such agreements as well. There are various positives and negatives to using them but you should to check with your solicitor but beware that it may result in costing you extra in conveyancing charges. For these reasons these agreements are not popular in relation to conveyancing in Isleworth.
At what point does exchange of contracts take place for residential conveyancing in Isleworth and am I required to be at the solicitors office?
Where you are in close proximity to one of the conveyancing solicitors in Isleworth you are welcome to attend to sign contracts. That being said, the law practices we recommend provide countrywide coverage for conveyancing and provide just as diligent and professional a job for you when dealing with you by post or email. The signing of the sale agreement is not the critical part. A signed contract is necessary for the firm to officially exchange at the suitable time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Isleworth)to be in the office available at the end of the phone to exchange contracts.
My apartment in Isleworth is up for sale and I have a buyer. Does the lawyer need to be on the Kent Reliance conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Kent Reliance conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
How does conveyancing in Isleworth differ for newly converted properties?
Most buyers of new build residence in Isleworth contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Isleworth 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 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 Isleworth or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Isleworth in advance of retaining conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some lenders will refuse to issue a loan on such a house.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Isleworth. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I need to be suspicious that brokers that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Isleworth conveyancing company?
As is the case with lots of service providers, often input from family and friends can be very helpful. Nevertheless there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and lenders may suggest lawyers to choose. Sometimes these conveyancers might be known to one of the organisations as being good in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You have the discretion to select your preferred conveyancer. Don't forget that most banks have an approved list of lawyers you are obliged to use for the lender related work in your conveyancing.