The owners of the house we are hoping to buy hired a conveyancing practitioner in Shoreham By Sea who has recommended a exclusivity agreement with a down payment of 5k. Are such agreements sensible?
Exclusivity contracts are agreements binding a property seller and purchaser giving the buyer exclusive rights to the sale of the premises for a set period of time. For all intents and purposes, a lock out agreement is a contract stating that you should be issued with a contract at a later date which is the main conveyancing contract. It is generally used for buyer protection though in some cases, the proprietor may enjoy an upside from such agreements as well. There are many positives and negatives to having them but you need to check with your lawyer but beware that it may end up costing you more in conveyancing charges. For this these contracts are avoided when it comes to conveyancing in Shoreham By Sea.
We previously instructed solicitors located in Shoreham By Sea on the Principality solicitor approved list. They are now charging me a supplemental charge for the legal aspects of the Principality mortgage. Is this an additional conveyancing fee set by Principality?
Provided it is contained in their Terms of Engagement or Quote then yes your property lawyer may levy a fee for this. The charge is not dictated by Principality but by your Shoreham By Sea lawyer. Plenty of firms on the Principality panel will quote ’dealing with mortgage’ fee and others do not.
Last month we had a mortgage agreed in principle with Bank of Ireland. Shoreham By Sea conveyancing practitioners were chosen. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?
There is no definitive answer here. Have Bank of Ireland completed the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I currently have a mortgage with Bank of Ireland for my property in Shoreham By Sea. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
You must advise Bank of Ireland in advance of letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
I need some fast conveyancing in Shoreham By Sea as I am under pressure to exchange contracts in less than one month. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?
As you are not obtaining a mortgage you are at free not to do searches although no lawyer would suggest that you don't. Drawing on our experience of conveyancing in Shoreham By Sea the following are examples of issues that can arise and therefore impact future saleability: Enforcement Notices, Overdue Charges, Outstanding Grants, Road Schemes,...
Are there restrictive covenants that are commonly picked up as part of conveyancing in Shoreham By Sea?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Shoreham By Sea. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Shoreham By Sea with a mortgage from Britannia. The developers refused to reduce the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not disclose to my lawyer about the side-deal as it could affect my mortgage with the bank. 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 issue on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Shoreham By Sea is where the house is located. Can you offer any opinion?
Flying freeholds in Shoreham By Sea are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shoreham By Sea you would need to get your solicitor to go 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 Shoreham By Sea may determine 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.