My wife and I are buying a 1 bedroom flat in Cirencester with a mortgage. We like our Cirencester lawyer, but the bank advise she’s not on their "panel". It seems we have little option but to instruct one of the lender panel solicitors or retain our Cirencester lawyer and pay for one of their panel lawyers to represent them. This seems very unfair; can we not require that the bank use our Cirencester conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Cirencester conveyancing lawyer to apply to be on the conveyancing panel.
The vendors of the home we are purchasing have instructed a conveyancing practitioner in Cirencester who has insisted on a preliminary contract with a non-refundable deposit two thousand pounds. Are such contracts appropriate for Cirencester conveyancing transactions?
This kind of preliminary agreement is not the norm in Cirencester, conveyancers are often inclined to direct clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. Secondly, there is no assurance that just because the owner has executed a lock out contract they will complete the sale with you. They may breach the contract if they receive a large enough financial inducement to do so because an aggrieved purchaser with the benefit of a lockoutcontract will still have to show losses as a consequence of the breach and these may not compare to the extra amount that the owner may gain by breaking the agreement, however morally condemnable it undoubtedly is.
How does conveyancing in Cirencester differ for new build properties?
Most buyers of new build premises in Cirencester come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Cirencester typically purchase the real estate, 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 property lawyers 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 accustomed to new build conveyancing in Cirencester or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and found one round the corner in Cirencester I like with open areas and railway links nearby, however it's only got 49 years on the lease. I can't really find anything else in Cirencester in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
What does commercial conveyancing in Cirencester cover?
Non domestic conveyancing in Cirencester covers a broad array of advice, supplied by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, 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.