The vendors of the home we are looking to purchase have instructed a conveyancing practitioner in Ellesmere Port who has suggested a exclusivity agreement with a down payment 6,000. Are such agreements sensible?
There are a couple of primary drawbacks with signing a lock out contract (sometimes known as a shut-out contract) is that it takes away the focus from progressing with the conveyancing transaction itself, so unless it requires limited or no negotiation then it could transpire to be unhelpful. It is not particularly popular by Ellesmere Port conveyancing lawyers for this reason. A further issue is the extent of the remedies available - a jilted buyer should not expect to be granted an injunction to bar the owner completing the sale to another buyer, so the only remedy open via the agreement will be the reimbursement of abortive charges and, in limited situations, the extra payment of damages.
This question may be naive but I am wet behind the ears as FTB of a ground floor flat in Ellesmere Port. Do I collect the keys to the property on completion from my solicitor? If this is the case, I will instruct a High Street conveyancing solicitor in Ellesmere Port?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the seller's lawyers, and shortly after the monies have arrived, you will be able to receive the keys from the selling Agents and move into your new home. Usually this occurs early afternoon.
Is it the case that all Ellesmere Port CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing list of approved practices?
It is true that some lenders now utilise the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
I have instructed a Ellesmere Port conveyancer having made sure that they are on the Skipton conveyancing panel. Does my lawyer arrange the survey of the property?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Ellesmere Port surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
My wife and I have a renovated Georgian property in Ellesmere Port. Conveyancing practitioner represented me and Clydesdale. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ellesmere Port and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing lawyer who completed the work.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Ellesmere Port I like with open areas and station in the vicinity, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Ellesmere Port in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
My partner and I are purchasing a first floor flat in Ellesmere Port. When we first instructed property lawyer, they assured us that they were on all mainstream bank panels. Our mortgage broker called just now to advise that they are not on the Bank of Ireland approved list. Were it to be true, what should we do? Do we just find a different property lawyer that is on their approved list or should we pay for separate representation, with Bank of Ireland selecting their own preferred conveyancer.
When purchasing a property with mortgage finance it is conventional for the purchaser’s lawyers to also represent the mortgage company. In order to act for a bank or building society a solicitor has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the property lawyer has to fulfill. Some banks now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your lawyer should contact Bank of Ireland and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on Bank of Ireland's conveyancing panel and you may continue to use your own Ellesmere Port solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.