The vendors of the home we are purchasing have appointed a conveyancing firm in Ashington who has recommended a preliminary agreement with a non-refundable deposit 10k. Is it wise to enter into such agreements?
This form of preliminary agreement is not the norm in Ashington, conveyancers are not keen on them as they divert attention from the main conveyancing focus and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the owner has entered into a lock out agreement they will complete the sale with you. They may be in contravention of the agreement if they are offered a large enough offer to do so because an aggrieved purchaser with the benefit of a lockoutcontract will still be obliged show losses as a consequence of the breach and these may not equalise the extra amount that your seller may secure by breaching the agreement, however morally condemnable it undoubtedly is.
I am the sole beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Ashington. The Ashington property was put into my name in November. I want to move. I do know about the CML six month 'rule', meaning my proprietorship could be treated the same way as if I'd bought the property in November. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How sensible a view mortgage companies take of it, depend on the lender as this requirement is chiefly there to identify the purchase and immediately sell or the quick reselling of properties.
We had appointed solicitors located in Ashington on the Bank of Ireland solicitor approved list. They have just billed me an additional amount for handling the Bank of Ireland mortgage. Is this a supplemental conveyancing fee set by Bank of Ireland?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your property lawyer may levy a fee for this. This charge is not set by Bank of Ireland but by your Ashington property lawyer. Some firms on the Bank of Ireland panel will quote an ‘acting for lender’ fee but many practices include it on their overall fee.
I have decided to exercise my right to buy my property in Ashington off the council. I have a mortgage offer with Yorkshire BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
Do commercial conveyancing searches reveal proposed roadworks that could affect a commercial estate in Ashington?
Its becoming the norm that commercial conveyancing solicitors in Ashington will carry out a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Ashington. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Ashington.
For every commercial conveyancing transaction in Ashington it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Ashington commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Ashington.
How does conveyancing in Ashington differ for new build properties?
Most buyers of new build or newly converted property in Ashington approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Ashington tend to purchase 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 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 Ashington or who has acted in the same development.
I'm refinancing my current home to a buy to let mortgage with Leeds Building Society and intend to use the remaining equity as a down payment on further house. The neighborhood we are looking at is Ashington. Will your solicitors be able to act for both sets of banks and tie in the two deals?
Do use our search tool on this site to ensure that the conveyancers are approved by both banks. On the basis that they are your solicitor will be able to connect the two transactions but you should have a chat with you conveyancer and specify your desired outcome and requirements.