The owners have very pushy vendors who has recommended a lock out contract with a payment two thousand pounds. Are such contracts promoted for New Cross conveyancing transactions?
Lock out agreements are agreements binding a home vendor and prospective acquirer giving the buyer exclusive rights to purchase the premises for a certain period of time. For all intents and purposes, a lock out is a document specifying that you should receive a contract at a later date which is the main conveyancing contract. It tends to be used for buyer protection though in many situations, the owner may stand to benefit from such agreements as well. There are many positives and negatives to using an agreement but you should to check with your solicitor but note that it may result in costing you more in conveyancing charges. In light of these reasons these agreements are avoided in relation to conveyancing in New Cross.
Can I use your services to find a Conveyancing solicitor in New Cross even if I’m not purchasing or disposing of a house, for example where I want to buy an office in New Cross with a loan from Santander?
The service is predominantly there to select residential conveyancing solicitors in New Cross but we have recorded at the end of this page a selection of New Cross commercial conveyancing firms. You will need to speak with the firm directly to establish if they can also act for Santander
My lawyer in New Cross is not listed on the Platform Home Loans Ltd Approved Panel. Can I still continue with my prefered solicitor even though they are not on the Platform Home Loans Ltd panel?
Your options are as follows:
- Complete the purchase with your existing New Cross solicitors but Platform Home Loans Ltd will need to retain a solicitor on their list of acceptable firms. This will inevitably rack up the total conveyancing fees as well as cause delays.
- Choose a new practitioner to act in the conveyancing, not forgetting to check they are Platform Home Loans Ltd approved.
- Persuade your Platform Home Loans Ltd based solicitor to try to join the Platform Home Loans Ltd panel
I currently have a mortgage with Barclays for my property in New Cross. Conveyancing was finalised some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Barclays?
Your original mortgage agreement with Barclays will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel firm.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local New Cross bank branch on a couple of occasions and was told it wasn't a problem and they will lend. My New Cross conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the property lawyer is on the lender panel, they must follow the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
After weeks of negotiation I have agreed a price on an apartment in New Cross. My mortgage broker suggested a solicitor. I paid an upfront payment of £150. Not long after, the solicitor called me sheepishly admitting that they were not on the Clydesdale conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Clydesdale panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Why is New Build conveyancing in New Cross more expensive?
Buying a new build property is completely different from the standard house buying conveyancing in New Cross. For a start housebuilders ordinarily demand contracts to exchange inside a short timeframe, the result being a lot of pressure on your conveyancer to make sure everything is in order. In addition new build conveyancing often necessitate examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Lenders obligations are also more detailed. Due to the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.