The vendors of the home we are hoping to buy are using a conveyancing practitioner in The Park who has recommended a preliminary agreement with a non-refundable deposit 10k. Is it wise to enter into such agreements?
There are two main concerns with signing a lock out agreement (sometimes termed a shut-out contract) is that it takes away the focus from progressing with the conveyancing process, so unless it requires little or no negotiation then it could turn out to be unhelpful. It is not particularly popular by The Park conveyancing lawyers as a result. A supplemental negative is the extent of the remedies available - an aggrieved purchaser is not likely to secure an injunctive ruling by a court to prevent the vendor completing the sale to a third party, so the only remedy open via the contract will be the recovery of abortive charges and, in restricted circumstances, the extra payment of penalties.
Finally the sale completed on my house in The Park last February but the buyer keeps texting me to moan that his lawyer is waiting to hear from myconveyancer. What should my lawyer have done now that I have sold?
Following your sale your conveyancer should forward the transfer documentation and all supplemental paperwork to the buyer’s lawyers. Depending on the transaction, your lawyer must also evidence that the home loan has been paid off to the buyers conveyancers. There are no post completion requirements just for conveyancing in The Park.
What can a local search reveal regarding the house my wife and I buying in The Park?
The Park conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search organisations for example Searchflow The local search plays a central part in most The Park conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search will reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
I used Action Conveyancing several years ago for my conveyancing in The Park. I now require my file but cannot find the solicitor. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in The Park of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in The Park differ for newly converted properties?
Most buyers of new build premises in The Park approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because new home sellers in The Park usually buy the land, 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 The Park or who has acted in the same development.
Why can't I complete my conveyancing in The Park on Good Friday?
This is due to the fact that on completion the funds will pass between the banks of the purchaser and owner’s conveyancer and at present this can only occur on a business day. So you can't complete on a weekend either.