The sellers of the property we are hoping to buy hired a conveyancing solicitor in Ladywell who has suggested a lock out contract with a down payment two thousand pounds. Are such agreements sensible?
This form of contract is unusual in Ladywell, conveyancers are not keen on them as they detract from focusing on the main conveyancing focus and if you end up losing your deposit then the lawyer is left exposed. In addition, there is no assurance that just because the proprietor has entered into an exclusivity agreement they will complete the sale with you. They may be in contravention of the agreement if they receive a big enough financial inducement to do so because an aggrieved buyer with the benefit of a exclusivity agreement will still have to show losses as a consequence of the breach and these may not amount to the extra amount that your vendor may obtain by breaching the agreement, no matter how morally unworthy it undoubtedly is.
A friend advised me that in buying a property in Ladywell there could be various restrictions prohibiting external alterations to a property. Is this right?
There are anumerous of properties in Ladywell which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Ladywell should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have a mortgage agreed in principle with Virgin Money. Ladywell conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
Some lenders take longer than others. Have Virgin Money done the valuation? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I had an offer accepted on a property in Ladywell on 8/5/2020, valuation was booked 4 days after, received a clean bill of health. Conveyancer instructed, so all that was missing was my mortgage offer. Having made daily calls to Coventry BS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Coventry BS conveyancing panel. Are Coventry BS entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will commercial conveyancing searches reveal impending roadworks that could impact a commercial property in Ladywell?
Many commercial conveyancing solicitors in Ladywell will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Ladywell. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Ladywell.
For each commercial conveyancing transaction in Ladywell it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can cause delays to Ladywell commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Ladywell.
I'm purchasing a new build house in Ladywell with a mortgage from Leeds Building Society. The builders would not budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not disclose to my lawyer about this deal as it will jeopardize my mortgage with Leeds Building Society. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Ladywell is where the house is located. Is there any advice you can impart?
Flying freeholds in Ladywell are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ladywell you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ladywell may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
As co-executor for the will of my grandfather I am disposing of a residence in Swansea but I am based in Ladywell. My lawyer (who is 300 miles awayneeds me to sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing practitioner in Ladywell who can attest and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will be fine regardless of whether they are Ladywell based