We have very brash vendors who has suggested a exclusivity agreement with a payment two thousand pounds. Are such agreements sensible?
There are a couple of primary concerns with executing a lock out contract (also termed a shut-out contract) is that it diverts attention away from progressing with the conveyancing transaction itself, 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 by Clapton conveyancing solicitors for this reason. A supplemental negative is the extent of the remedies available - an aggrieved buyer is not likely to obtain injunctive relief to stop the owner completing the sale to a third party, so the only remedy open via the contract will be the recovery of wasted costs and, in limited situations, the additional payment of penalties.
I own a freehold house in Clapton but still charged rent, why is this and what is this?
It is rare for properties in Clapton and has limited impact for conveyancing in Clapton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
My Conveyancer in Clapton is not on the National Westminster Bank Solicitor Panel. Can I still use my family solicitor even though they are not on the National Westminster Bank list of approved lawyers?
The limited options available to you here include:
- Complete the purchase with your preferred Clapton lawyers but National Westminster Bank will need to retain a lawyer on their panel. This will result in additional overall legal charges and cause delays.
- Get an alternative lawyer to to deal with the conveyancing, remembering to check they are Convince your lawyer to use their best endeavours to join the National Westminster Bank conveyancing panel
Please help - my lawyer advises that lack of planning permission insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Clapton?
The right level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Halifax and Chelsea Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
We are getting the release of further funds on our home loan from Yorkshire BS as we intend to carry out alterations to our house in Clapton. Are we obliged to appoint a local Clapton solicitor on the Yorkshire BS conveyancing panel to deal with the paperwork?
Yorkshire BS don't usually instruct firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
We have a mortgage agreed in principle with Virgin Money. Clapton conveyancing practitioners are chosen. How long does it take for Virgin Money to forward the offer to the conveyancer?
There is no definitive answer here. Have Virgin Money done the valuation? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am thinking of appointing a conveyancing lawyer in Clapton for my home move. Is there any facility to check a solicitor's record with the legal regulator?
One can see published Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Go to Check a solicitor's record. For details Pre 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The SRA could recorded telephone calls for training reasons.