My wife and I are acquiring an apartment in Peterborough. My lawyer is not listed on the mortgage company conveyancing list. Am I still permitted to appoint my Peterborough conveyancing solicitor even though they are excluded from the bank panel of approved conveyancing solicitors?
You will need to have a lawyer to deal with the legal work required when you need a loan to buy your property. They will carry out all the relevant investigations on the property, ensuring that you’re properly registered as the owner and ensure that all the necessary mortgage paperwork is in order. You could instruct a Peterborough solicitor of your choosing. Nevertheless, where the solicitor selected is not a member of the bank solicitor panel additional charges will be levied as separate legal representation will be need by the mortgage company. Lender panel applications may be submitted, so if your conveyancer has not historically sought membership they should take the opportunity to apply.
The owners have rather assertive vendors who has insisted on a exclusivity contract with a non-refundable deposit of 5k. Are such agreements sensible?
There are a couple of main drawbacks with executing a lock out agreement (occasionally known as an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing process, so in the absence of it needing limited or no negotiation then it may transpire to be unhelpful. It is not strongly advocated by Peterborough conveyancing solicitors as a result. The other main issue is the extent of the remedies available - a jilted buyer is extremely unlikely to secure an injunction to bar the seller disposing of the property to an alternative purchaser, so the only remedy available under the contract will be the reimbursement of abortive charges and, in rare situations, the extra payment of penalties.
I am selling our home in Peterborough and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. A high street Peterborough conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed a national conveyancing practice as opposed to a conveyancing solicitor in Peterborough. We have lived in Peterborough for many years we know of no issue. Is it a good idea to contact our local Authority to seek clarification that there is no issue.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Peterborough is the location of the property. Is there any advice you can give?
Flying freeholds in Peterborough are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Peterborough you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Peterborough 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 residence.
Should I use a Peterborough conveyancing practitioner in close proximity to the house I am buying? I have an old university friend who can deal with the legal formalities but they are based approximately 350miles away.
The benefit of a local Peterborough conveyancing firm is that you can drop in to sign paperwork, present your identification documents and pester them if necessary. They will also have local intelligence which is a benefit. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and they were content that must trump using an unknown Peterborough conveyancing lawyer solely due to them being based in the area.