The vendors of the home we are hoping to buy have instructed a conveyancing firm in New Covent Garden who has recommended a lock out contract with a non-refundable deposit two thousand pounds. Are such agreements sensible?

Lock out agreements are contracts between a property vendor and purchaser granting the buyer a ‘clear field’ to purchase the premises for a limited period of time. Essentially, an exclusivity agreement is a contract specifying that you should have a contract at a later date which is the main conveyancing contract. It is generally utilised for buyer protection though in some cases, the vendor may enjoy an upside from such agreements as well. There are numerous positives and negatives to having them but you need to check with your conveyancer but beware that it may result in incurring more in conveyancing charges. For this these agreements are unusual in relation to conveyancing in New Covent Garden.

Can I use your services to locate a Conveyancing solicitor in New Covent Garden even where I’m not buying or selling a house, for example if I intend to acquire an office in New Covent Garden with a mortgage from Accord Mortgages Ltd?

Our search tool is predominantly utilised to select domestic conveyancing solicitors in New Covent Garden but we have set out towards the end of this page a few New Covent Garden commercial conveyancing firms. You should speak with the solicitors directly to establish if they are also authorised to represent Accord Mortgages Ltd

My partner and I have organised the release of further monies on our mortgage from Leeds Building Society as we want to conduct alterations to our house in New Covent Garden. Are we obliged to select a nearby New Covent Garden solicitor on the Leeds Building Society conveyancing panel to handle the paperwork?

Leeds Building Society do not ordinarily appoint firms on their conveyancing panel 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 Leeds Building Society panel.

It is not clear whether my bank requires a lease extension. I have called my New Covent Garden bank branch on numerous occasions and was told they are content with the situation and they would lend. My New Covent Garden conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.

Your lawyer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.

Intending to buy a house in New Covent Garden. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.

They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the New Covent Garden solicitor is on the Bank of Ireland conveyancing panel.

Just had an offer accepted on a new build flat in New Covent Garden. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in New Covent Garden

Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.

Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. New Covent Garden is the location of the property. Is there any advice you can give?

Flying freeholds in New Covent Garden are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in New Covent Garden you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Covent Garden may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.