I am nearing exchange of contracts for my home in Bolsover and the estate agent has just called to advise that the purchasers are switching law firm. The excuse is that the mortgage company will only engage with property lawyers on their approved list. Why would a leading mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Bolsover ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
We have rather brash vendors who has suggested a exclusivity contract with a down payment 6,000. Are such agreements generally advanced for Bolsover conveyancing transactions?
Lock out contracts are agreements between a property seller and purchaser giving the buyer a ‘clear field’ to the sale of the property for a certain period of time. For all intents and purposes, a lock out is a document specifying that you will be issued with a contract at a later date being the contract for the actual sale. It tends to be utilised for buyer assurance though in some cases, the seller may enjoy an upside from such agreements as well. There are various positives and negatives to using them but you need to check with your solicitor but note that it may end up incurring more in conveyancing charges. In light of these reasons these agreements are rare when it comes to conveyancing in Bolsover.
My partner and I are downsizing from our home in Bolsover and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A local conveyancer would know that there is no such problem. It does beg the question why the buyers are using a factory type conveyancing practice rather than a conveyancing solicitor in Bolsover. Having lived in Bolsover for six years we know of no issue. Should we contact our local Authority to seek confirmation need.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
The estate agent has sent us the confirmation of our purchase of a new build flat in Bolsover. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Bolsover
The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
How easy is it to change a solicitor as I need to find a Bolsover based one who is on the bank conveyancing panel. Is it advisable to appoint a new law firm?
If you haven't yet instructed a solicitor to commence the conveyancing and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Bolsover that you're considering.