The owners have rather brash sellers who has insisted on a lock out contract with a payment two thousand pounds. Are such agreements sensible?
Lock out agreements are contracts between a property owner and purchaser giving the buyer exclusive rights to purchase the property for a certain period of time. Essentially, an exclusivity agreement is a contract stating that you should be issued with a contract at a later date being the contract for the actual sale. It is generally used for buyer assurance though in some cases, the seller may stand to benefit from such agreements as well. There are many pros and cons to having them but you need to check with your lawyer but beware that it may result in costing you more in conveyancing charges. For this these contracts are unusual in relation to conveyancing in Shoreditch.
Can I use your services to recommend a Conveyancing solicitor in Shoreditch even if I’m not purchasing or disposing of a house, for instance if I intend to acquire a shop in Shoreditch with a loan from Alliance & Leicester ?
The service is predominantly there to help choose domestic conveyancing solicitors in Shoreditch but we have set out at the bottom of this page a few Shoreditch commercial conveyancing firms. You will need to enquire with the company directly to check if they are also authorised to represent Alliance & Leicester
I am considering applying for a Lloyds mortgage for purchase of a newly converted (under development) in Shoreditch with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Last month we had a mortgage agreed in principle with Nottingham. Shoreditch conveyancing solicitors have been instructed. What is the average time that one could expect to receive a mortgage offer from Nottingham?
Some lenders take longer than others. Have Nottingham completed the survey? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is not clear whether my mortgage offer requires a lease extension. I have telephoned my Shoreditch building society branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Shoreditch conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the lawyer is on the bank panel, they must adhere to the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Shoreditch solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Shoreditch surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
The deeds to our house can not be found. The conveyancers who handled the conveyancing in Shoreditch 5 years ago no longer exist. What are my options?
Assuming the title is registered the information relating to your proprietorship will be documented by the Land Registry with a Title Number. It is easy to execute a search at the Land Registry, locate your property and get current copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will also normally hold a file duplicate of the Registered Lease and again, a copy can be retrieved for a small fee.
How does conveyancing in Shoreditch differ for newly converted properties?
Most buyers of new build or newly converted property in Shoreditch come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Shoreditch typically buy 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 accustomed to new build conveyancing in Shoreditch or who has acted in the same development.