The owners have very brash vendors who has suggested a preliminary contract with a non-refundable deposit 10k. Are such agreements sensible?
Lock out agreements are contracts binding a property seller and purchaser granting the buyer the sole right to the sale of the property within a prescribed time frame. For all intents and purposes, an exclusivity is a document stating that you should be issued with a contract at a later time which is the contract for the actual sale. It tends to be used for buyer assurance though in many situations, the vendor may enjoy an upside from such agreements as well. There are numerous positives and negatives to having an agreement but you should to check with your solicitor but beware that it may result in costing you more in conveyancing charges. For this these contracts are unusual in relation to conveyancing in Quorn.
What does my ID and proof of funds have anything to do with my conveyancing in Quorn? Is this really warranted?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the ID of the potential client they are dealing with before they can accept their conveyancing instruction. The Terms and Conditions that you are required to sign should confirm this. Your lender will also require certain documents to be checked. Should you refuse to hand over identification documents, your conveyancer would not be able to accept instructions from you.
How does conveyancing in Quorn differ for new build properties?
Most buyers of new build premises in Quorn contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Quorn usually 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 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 Quorn 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 Quorn in advance of appointing solicitors. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies may refuse to give a mortgage on a flying freehold property.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Quorn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Quorn to see if the conveyancing costs will increase in light of this.
My partner has suggested that I use his conveyancing solicitors in Quorn. Should I use them?
No doubt the best way to find a conveyancing practitioner is to seek referrals from friends or relatives who have experience in using the solicitor that you are contemplating using.
Why is New Build conveyancing in Quorn more costly?
Conveyancing in Quorn for newly converted or new build properties can sometimes involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as supplemental questions and contractual concerns.