The owners of the house we are purchasing hired a conveyancing solicitor in Falconwood who has recommended a lock out contract with a deposit 6,000. Are such agreements sensible?
This kind of contract is not the norm in Falconwood, conveyancers are often found to veer clients away from them as they detract from the main conveyancing focus and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no certainty that just because the vendor has signed an exclusivity agreement they will sell to you. They may breach the agreement if they are offered sufficient offer to do so because a wronged claimant with the benefit of a lockoutcontract will still be obliged show losses as a consequence of the breach and these may not equalise the financial benefit that the owner may obtain by breaking the contract, no matter how morally unworthy that may be.
Do lenders provide you with an approved list of Falconwood conveyancing solicitors? How do you know who is on the Principality conveyancing panel?
Falconwood conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
I just acquired a house at auction in Falconwood. Conveyancing is needed. What is next?
Given that you have now to all intents and purposes signed on the dotted line you will need to choose a conveyancing solicitor soon as you are facing a fast approaching a fixed date to complete the deal. Every auction property should have a bespoke legal set of papers. This will include evidence of title and search results. In the case of leasehold property the conveyancing pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You should give this to the conveyancer working for you ASAP. Do make sure that you have funds organised to complete on the date specified in the contract.
We are getting the release of further funds on our home loan from Nottingham as we intend to carry out improvements to our home in Falconwood. Do we need to select a local Falconwood solicitor on the Nottingham conveyancing panel to deal with the paperwork?
Nottingham would not normally appoint a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham panel.
I had a mortgage agreed in principle with Clydesdale. Falconwood conveyancing solicitors were selected. How long does it take for Clydesdale to send the offer to the solicitor?
There is no definitive answer here. Have Clydesdale completed the survey? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It has been five months following my purchase conveyancing in Falconwood concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the encouragement of my in-laws I had a survey completed on a property in Falconwood prior to retaining lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some banks will not issue a mortgage on such a home.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. If you e-mail us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Falconwood. Conveyancing may be slightly more expensive based on your lender's requirements.