The sellers of the house we are looking to purchase have instructed a conveyancing solicitor in Arlesey who has recommended a preliminary agreement with a deposit of 5k. Is it wise to enter into such agreements?
Lock out agreements are contracts binding a property seller and purchaser granting the buyer the sole right to purchase the premises within an agreed time frame. For all intents and purposes, a lock out is a document specifying that you will have a contract at a later time being the main conveyancing contract. It is generally used for buyer protection though in many situations, the proprietor may enjoy an upside from such agreements as well. There are various pros and cons to using an agreement but you should to check with your solicitor but note that it may result in costing you more in conveyancing charges. In light of these reasons these contracts are unusual in relation to conveyancing in Arlesey.
I am purchasing a new build house in Arlesey with the aid of help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not inform my conveyancer about this side-deal as it could put at risk my loan with Britannia. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey completed on a house in Arlesey before appointing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some lenders tend refuse to issue a mortgage on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you e-mail us we can investigate 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 Arlesey. Conveyancing may be slightly more expensive based on your lender's requirements.
Are there any apps to help identify a Arlesey law firm on the National Westminster Bank conveyancing panel? I have wheels and am happy to travel upto 10miles to meet the lawyer.
You can use the facility on this page. Please pick a bank and your location and you will see a number of Arlesey conveyancing lawyers based on proximity. We have detailed some Arlesey conveyancing firms towards the end of this page and you can telephone them to check if they are on the National Westminster Bank approved list
We're novice buyers - agreed a price, but the estate agent advised that the seller will only go ahead if we instruct their chosen conveyancers as they are insisting on a ‘quick sale’. We would rather use a local conveyancer accustomed to conveyancing in Arlesey
It is highly unlikely the sellers are behind this. Should the owner require ‘a quick sale', taking such a hostile approach to a motivated buyer is not the way to achieve this. Bypass the agents and go straight to the sellers and explain that (a)you are motivated purchasers (b)you are ready to progress, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)but you intend to use your preferred Arlesey conveyancing solicitors - not the ones that will earn their negotiator at the agency a commission or achieve conveyancing thresholds set by head office.