The owners of the house we are looking to purchase have appointed a conveyancing solicitor in Marylebone who has recommended a lock out contract with a non-refundable deposit 10k. Are such contracts generally advanced for Marylebone conveyancing transactions?
There are two main concerns with executing a lock out contract (also referred to as a no-shop agreement) is that it takes away the focus from moving forward with the conveyancing transaction itself, so unless it requires minimal or no negotiation then it may turn out to be a cause of frustration and delay. It is not promoted by Marylebone conveyancing practitioners as a result. A supplemental negative is the extent of the remedies available - a jilted purchaser is very unlikely to win an injunctive ruling by a court to bar the vendor disposing of the property to an alternative purchaser, so the only remedy open via the agreement will be the reimbursement of wasted costs and, in rare scenarios, the additional payment of damages.
Please explain the implications if my solicitor is suspended from the Principality Solicitor panel ahead of completing my conveyancing in Marylebone?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Will my solicitor be making enquiries regarding flooding as part of the conveyancing in Marylebone.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Marylebone. Some people will buy a property in Marylebone, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a number of searches that can be carried out by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Marylebone. The standard information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the seller to determine if the premises has suffered from flooding. In the event that the premises has been flooded in past and is not revealed by the vendor, then a purchaser may bring a claim for damages resulting from an inaccurate answer. The buyer’s conveyancers will also carry out an enviro search. This should disclose whether there is a recorded flood risk. If so, more detailed inquiries should be conducted.
I am looking for a flat up to £245,000 and identified one close by in Marylebone I like with amenity areas and railway links in the vicinity, however it's only got 51 remaining years left on the lease. I can't really find anything else in Marylebone for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Is it possible to switch conveyancer as I need to appoint a firm on the Barnsley Building Society conveyancing panel. I instructed a local conveyancing solicitor in Marylebone five minutes from me but she is not accepted by Barnsley Building Society
We will our best to assist in finding you a conveyancing solicitor in Marylebone on the Barnsley Building Society panel. Please note that the solicitors that we list do not pay us a referral fee if you instruct them and are authorised and regulated by the SRA who oversee all conveyancing solicitors in Marylebone. In utilising the find a conveyancing solicitor tool on this page, you can contrast fees for conveyancing solicitors in Marylebone and beyond.