The owners have very assertive vendors who has insisted on a lock out agreement with a non-refundable deposit two thousand pounds. Is it wise to enter into such agreements?
This kind of preliminary agreement isn't frequently used in Trimdon, conveyancers are often inclined to veer clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the seller has executed an exclusivity contract they will complete the sale with you. They may be in contravention of the agreement if they receive a big enough financial inducement to do so because a wronged buyer with the benefit of a lockout agreement will still have to establish consequential losses from the breach and this may not compare to the financial upside that the owner may gain by breaking the contract, no matter how morally shameful the behaviour is.
When does exchange of contracts take place for residential conveyancing in Trimdon and am I required to attend the conveyancers office?
Where you are in close proximity to our conveyancing solicitors in Trimdon you are invited in to sign contracts. However, the firms we work with provide countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when communicating with you electronically. The signing of the contract is not the point of no return. A signed contract is necessary for the solicitor to officially exchange when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Trimdon)to be in the office at the appropriate time.
We're in Trimdon, FTBs buying with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds 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.
A relative advised me that in purchasing a property in Trimdon there may be a number of restrictions affecting the ability to carry out external changes to a property. Is this right?
We are aware of a number of properties in Trimdon which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Trimdon should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have paid off my mortgage with Santander. I assume I don't need a Trimdon conveyancer on the Santander panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
Aldermore have agreed my home loan in principle, my bid on a flat in Trimdon has been accepted, now what?
The estate agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s panel). Call up Aldermore or the broker and finish off any relevant forms. Aldermore will appoint a valuer who will get in touch with the selling agent or seller to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Aldermore will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Trimdon.
How does conveyancing in Trimdon differ for new build properties?
Most buyers of new build residence in Trimdon contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Trimdon tend to purchase 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 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 Trimdon or who has acted in the same development.
I am looking for a flat up to £195,000 and found one close by in Trimdon I like with open areas and station nearby, the downside is that it only has 52 years on the lease. There is not much else in Trimdon for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage that many years will be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.