The sellers of the house we are looking to purchase are using a conveyancing firm in Snettisham who has recommended a exclusivity contract with a non-refundable deposit of 5k. Are such agreements sensible?
This kind of agreement is not the norm in Snettisham, conveyancers are not keen on them as they detract from the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. Furthermore, there is no certainty that just because the proprietor has signed a lock out contract they will sell to you. They may be in contravention of the contract if they receive a large enough offer to do so because a wronged party with the benefit of a lockout agreement will still be obliged show losses as a consequence of the breach and this may not equate the financial upside that the owner may secure by breaking the contract, no matter how morally reprehensible that may be.
We're in Snettisham, First timers buying with a mortgage (lender is HSBC , and our solicitor is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My wife and I have arranged the release of further monies on our mortgage from Co-operative as we intend to carry out a loft conversion to our house in Snettisham. Are we obliged to appoint a bricks and mortar Snettisham solicitor on the Co-operative conveyancing panel to deal with the paperwork?
Co-operative would not normally require a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative conveyancing panel.
I am due to exchange contracts on my flat. I had a double glazing fitted in August 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Clydesdale are being pedantic. The Snettisham solicitor who is on the Clydesdale conveyancing panel is recommending indemnity insurance as a solution but Clydesdale are requiring a building regulation certificate. Why do Clydesdale have a conveyancing panel if they don't accept advice from them?
It is probably the case that Clydesdale have referred the matter to their valuer. The reason why Clydesdale may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My offer was accepted on a property in Snettisham on 18/12/2023, valuation was booked 2 days after, received a clean bill of health. Solicitor instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Bank of Ireland and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Bank of Ireland conveyancing panel. Are Bank of Ireland entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
My friend suggested that where I am purchasing in Snettisham I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Snettisham conveyancing searches. It is a large report of more than thirty pages, listing and setting out significant information about Snettisham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Snettisham Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Snettisham Education with plans and statistics, Local Amenities and other useful information regarding Snettisham.
How does conveyancing in Snettisham differ for new build properties?
Most buyers of new build premises in Snettisham approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Snettisham tend to buy 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 conveyancing solicitors 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 Snettisham or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Snettisham ahead of appointing conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some banks may refuse to issue a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. If you contact us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Snettisham. Conveyancing may be slightly more expensive based on your lender's requirements.