The vendors of the property we are hoping to buy are using a conveyancing practitioner in Balham who has insisted on a exclusivity contract with a payment two thousand pounds. Is it wise to enter into such agreements?
Exclusivity contracts are agreements between a property vendor and purchaser granting the buyer the sole right to the sale of the premises within an agreed time frame. For all intents and purposes, an exclusivity agreement is a contract stating that you will have a contract at a later date which is the main conveyancing contract. It is generally used for buyer assurance though in some cases, the vendor may stand to benefit from such agreements as well. There are many positives and negatives to having them but you should to check with your conveyancer but beware that it may result in incurring extra in conveyancing fees. In light of these reasons these contracts are unusual when it comes to conveyancing in Balham.
We are selling our flat in Balham. Will the conveyancer have to be required to be on the Virgin Money conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
My colleague advised me that if I am purchasing in Balham I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Balham conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Balham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Balham.
Due to the guidance of my in-laws I had a survey completed on a house in Balham before instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some lenders tend refuse to issue a loan on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Balham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Balham to see if the conveyancing will be more expensive.
Is it the case that all Balham legal practices on every bank conveyancing panel?
You can use our search tool or you can go into your high street bank branch in Balham. Chances are that they can recommend conveyancing solicitors in Balham