The vendors of the home we are purchasing have instructed a conveyancing firm in Abertillery who has recommended a exclusivity agreement with a non-refundable deposit 6,000. Is it wise to enter into such agreements?
There are two primary concerns with executing a lock out contract (sometimes termed a no-shop agreement) is that it takes away the focus from progressing with the conveyancing process, so in the absence of it needing minimal or no negotiation then it could turn out to be a cause of frustration and delay. It is not particularly popular amongst Abertillery conveyancing solicitors as a result. A supplemental negative is the extent of the remedies available - a jilted purchaser is not likely to be granted an injunction to bar the vendor completing the sale to an alternative purchaser, so the only remedy open via the agreement will be the recovery of wasted costs and, in rare situations, the additional payment of penalties.
Do I have to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Abertillery so that I can pop in to their offices if necessary.
Whereas this was necessary 12 years ago, most lenders no longer oblige their conveyancing panel lawyer to witness the mortgagors signature. You will still be obliged to hand over ID documents and there are still manifest benefits to using a local solicitor, in your case a conveyancing solicitor in Abertillery.
Me and my partner are purchasing a house in Abertillery. I might seem paranoid but how we can trust a lawyer? On the day of competition we will need to put money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We have agreed to purchase a house in Abertillery. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
As your lender is Virgin Money your lawyer must comply with the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Virgin Money where a lease fails to meet these requirements. The specifications relate to the installation of panels on properties countrywide and is not limited to Abertillery.
I'm in the process of looking at flats in Abertillery and I am about to put in an offer. Should I already have a solicitor in place at this stage? I will be getting a home loan with Nationwide.
It would be prudent to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. Given that you are taking out a mortgage with Nationwide, ask your prospective lawyers if they are on the Nationwide conveyancing panel otherwise they can't do the mortgage legal work.
I need some fast conveyancing in Abertillery as I have pressure to exchange contracts inside 3 weeks. Luckily I do not need a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
If.Given you are are a mortgage free purchaser you are at liberty not to do searches although no law firm would advise that you don't. With lots of history conveyancing in Abertillery the following are instances of what can be revealed and therefore affect future mortgageability: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Abertillery I like with amenity areas and station in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Abertillery for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage that many years will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.