We have very pushy vendors who has insisted on a lock out contract with a deposit 6,000. Are such agreements the norm for Watton conveyancing transactions?
Lock out agreements are contracts between a home vendor and prospective buyer giving the buyer exclusive rights to the sale of the premises within an agreed time frame. Essentially, a lock out is a document stating that you will be issued with a contract at a later date which is the main conveyancing contract. It is generally utilised for buyer confidence though in some cases, the owner may stand to benefit from such agreements as well. There are various positives and negatives to using them but you should to check with your solicitor but beware that it may result in incurring more in conveyancing charges. In light of this these agreements are not popular when it comes to conveyancing in Watton.
We note that you have a post code search directory identifying law firms on the Co-operative conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Watton?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Watton.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Watton. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 19/11/2025, the requirements read as follows :
How does conveyancing in Watton differ for newly converted properties?
Most buyers of new build premises in Watton approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Watton usually acquire 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 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 Watton or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Watton in advance of retaining solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies may not grant a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Watton. Conveyancing will be smoother if you use a solicitor in Watton especially if they regularly deal with such properties in Watton.
I am employed by a busy estate agency in Watton where we have experienced a few leasehold sales derailed as a result of short leases. I have been given contradictory information from local Watton conveyancing firms. Could you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a ground floor flat in Watton, conveyancing having been completed March 2004. How much will my lease extension cost? Similar properties in Watton with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease runs out on 21st October 2075
With only 50 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.