The sellers of the house we are purchasing hired a conveyancing solicitor in Brandon who has recommended a exclusivity agreement with a down payment two thousand pounds. Is it wise to enter into such agreements?
There are a couple of main concerns with entering into any lock out contract (sometimes referred to as a shut-out contract) is that it can distract from making progress with the conveyancing work, 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 strongly advocated amongst Brandon conveyancing solicitors for this reason. A further issue is the extent of the remedies available - a jilted purchaser is very unlikely to be issued with an injunction to bar the vendor selling to another buyer, so the only remedy open via the contract will be the reimbursement of abortive charges and, in rare situations, the extra payment of penalties.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would much rather instruct a Brandon based conveyancing firm?
Do check but the the likelihood is that give you one of their panel solicitors if you want the "fee-free" deal. Speak to the mortgage company and explore if they allow a monetary alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Brandon.
How does conveyancing in Brandon differ for newly converted properties?
Most buyers of new build residence in Brandon approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Brandon usually acquire the site, 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 conveyancing solicitors 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 Brandon or who has acted in the same development.
I decided to have a survey completed on a property in Brandon prior to appointing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some lenders tend not issue a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different instructions from Nationwide. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Brandon. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Brandon cover?
Non domestic conveyancing in Brandon covers a broad range of guidance, provided by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.