The owners of the home we are hoping to buy have instructed a conveyancing firm in Peacehaven who has insisted on a preliminary agreement with a deposit two thousand pounds. Are such agreements sensible?
There are two main downsides with entering into any lock out contract (sometimes referred to as an exclusivity agreement) is that it diverts attention away from progressing with the conveyancing process, so unless it requires minimal or no negotiation then it may turn out to be unhelpful. It is not promoted by Peacehaven conveyancing solicitors as a result. A further negative is the extent of the remedies available - an aggrieved buyer is very unlikely to secure an injunction to prohibit the seller completing the sale to another buyer, so the only remedy open via the contract will be the reimbursement of abortive charges and, in rare situations, the extra payment of penalties.
I am considering applying for a Santander mortgage for purchase of a new build (under development) in Peacehaven with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Is it the case that all Peacehaven solicitors on the Lloyds conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Lloyds conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel in which case such firms would be governed by the CLC.
I have decided to exercise my right to buy my property in Peacehaven off the council. I have a mortgage agreed with Principality. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Principality, you will need to appoint a solicitor on the Principality conveyancing panel.
Our sealed bid on a house in Peacehaven has been agreed to, the sellers do nevertheless have a connected purchase. The owners have offered on on an apartment, but it’s not yet tied up, and have viewings of other properties booked. I have instructed a high street conveyancing solicitor in Peacehaven. What should be my next step? At what stage should I apply for the mortgage with HSBC?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx £1k, then survey, Peacehaven conveyancing search costs, etc). First, you should check that your conveyancer is on the HSBC approved list. Concerning the subsequent steps this very much depends on the circumstances of your transaction, motivation for this property and on the state of the market. In a hot market the majority of home buyers will apply for the mortgage with HSBC and arrange for the valuation and only if it was satisfactory would they ask their conveyancer to move forward with the conveyancing in Peacehaven.
How does conveyancing in Peacehaven differ for newly converted properties?
Most buyers of new build residence in Peacehaven come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Peacehaven 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 conveyancers 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 Peacehaven or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a simple, no chain conveyancing. Peacehaven is where the house is located. Is there any advice you can impart?
Flying freeholds in Peacehaven are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Peacehaven you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Peacehaven 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 property.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Peacehaven. I happened to stumble across a web site which looks to be the ideal offering If it is possible to get all formalities completed via phone that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?