The sellers of the home we are looking to purchase have instructed a conveyancing solicitor in Littleborough who has recommended a exclusivity contract with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
Exclusivity contracts are agreements between a property owner and purchaser giving the buyer exclusive rights to the sale of the property within a prescribed time frame. Essentially, a lock out agreement is a contract specifying that you will receive a contract at a later date which is the contract for the actual sale. It tends to be utilised for buyer confidence though in many situations, the seller may enjoy an upside from such agreements as well. There are many pros and cons to having them but you need to check with your solicitor but beware that it may result in costing you extra in conveyancing fees. In light of this these contracts are unusual in relation to conveyancing in Littleborough.
We note that you have a search directory listing law firms on the HSBC conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Littleborough?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Littleborough.
When it comes to mortgage companies such as Aldermore, do Littleborough solicitors face an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Is it the case that all Littleborough solicitor practices on the Leeds Building Society conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel and in that case the firms would be governed by the CLC.
I have finally had an offer on a maisonette in Littleborough agreed to, the owners do however have a dependent purchase. The owners have offered on a flat, however it’s not been accepted yet, and are looking at other apartments booked. I have selected a local conveyancing solicitor in Littleborough. What should be my next step? At what point do I apply for the mortgage with Leeds Building Society?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx £1k, then valuation, Littleborough conveyancing search costs, etc). First, you should check that your conveyancing practitioner is on the Leeds Building Society approved list. Regarding the next steps this very much depends on the specifics of your transaction, motivation for the property and on the state of the market. In a buoyant market the majority of home buyers will apply for the mortgage with Leeds Building Society and pay for the valuation and only if it comes back ok would they ask their solicitor to press on with the conveyancing in Littleborough.
Will commercial conveyancing searches reveal impending roadworks that may impact a commercial land in Littleborough?
Its becoming the norm that commercial conveyancing solicitors in Littleborough will carry out a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Littleborough. The report provides definitive data 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 Littleborough.
For every commercial conveyancing transaction in Littleborough it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could result in delays to Littleborough commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Littleborough.
Over the last few months I have been searching for a flat up to £305k and identified one near me in Littleborough I like with open areas and transport links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Littleborough in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
Taking into account that I am about to part with over three hundred thousand on a two bedroom apartment in Littleborough I wish to have a conversation with the conveyancer regarding thetransaction before appointing the firm. Is this something that you can arrange?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer who will be conducting your property ownership legalities in Littleborough.There is no ‘factory style conveyancing’ - every client is unique individual, not a matter number. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Littleborough should be the amount on the final invoice that you are charged.