We have very pushy sellers who has recommended a preliminary agreement with a non-refundable deposit of 5k. Are such arrangements generally advanced for Hope conveyancing transactions?
There are a couple of primary downsides with executing a lock out contract (also known as a no-shop agreement) is that it can distract from making progress with the conveyancing process, so unless it requires limited or no negotiation then it may transpire to be unhelpful. It is not promoted by Hope conveyancing practitioners as a result. A further issue is the extent of the remedies available - an aggrieved purchaser is extremely unlikely to obtain an injunction to bar the owner disposing of the property to a third party, so the only remedy available under the contract will be the recovery of wasted costs and, in rare situations, the additional payment of penalties.
We wanted to use a conveyancing solicitor in Hope for our house purchase. Our financial adviser has since notified us that our mortgage lenders Lloyds TSB Bank won't deal with them. Surely this is unduly restrictive?
Mortgage Companies ordinarily imposes restrictions either the category or the volume of conveyancing solicitors on their member panel. A common example of such criteria being that a firm must have two or more partners. As well as restricting the profile of firm, a few lenders have decided to limit the number of firms they permit to act for them. You should note that Lloyds TSB Bank have no responsibility for the quality of advice provided by any member of Lloyds TSB Bank Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels since 2008 even though there are mixed views concerning the level of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that plenty of law firms, including some in or near Hope only conduct a couple conveyances a year.
How does conveyancing in Hope differ for newly converted properties?
Most buyers of new build property in Hope contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Hope tend to purchase the land, 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 accustomed to new build conveyancing in Hope or who has acted in the same development.
My father-in-law has suggested that I use his conveyancers in Hope. Should I choose my own solicitor?
There are no two ways about it the best way to select a conveyancing practitioner is to get guidance from friends or family who have used the conveyancer you're considering.
How and when do I pay the Stamp Duty Land Tax due for my Hope house purchase?
The conveyancing practitioner should complete a stamp duty return for you as part of your Hope conveyancing transaction for signature. After completion your solicitor will submit the STL Return Form to the Tax Authorities and - assuming they have the funds - discharge any Stamp Duty payable for you.