The sellers of the house we are hoping to buy have appointed a conveyancing practitioner in Pitsea who has suggested a exclusivity contract with a payment of 5k. Are such agreements sensible?
There are a couple of main downsides with executing a lock out contract (sometimes known as an exclusivity agreement) is that it diverts attention away from progressing with the conveyancing process, so in the absence of it needing minimal or no negotiation then it may transpire to be a hindrance. It is not promoted by Pitsea conveyancing lawyers for this reason. A supplemental issue is the extent of the remedies available - a jilted buyer is very unlikely to be granted an injunctive ruling by a court to stop the owner disposing of the property to another buyer, so the only remedy available under the contract will be the recovery of abortive costs and, in limited situations, the extra payment of damages.
Me and my partner are purchasing a house in Pitsea. I might seem paranoid but how we can trust a lawyer? At some point we will need to put money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We are getting the release of further monies on our home loan from Leeds Building Society as we intend to conduct alterations to our home in Pitsea. Do we need to select a nearby Pitsea solicitor on the Leeds Building Society conveyancing panel to deal with the legals?
Leeds Building Society would not normally 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.
About to purchase maisonette in Pitsea. 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 Nottingham 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 Pitsea lawyer is on the Nottingham conveyancing panel.
I'm purchasing a new build house in Pitsea benefiting from help to buy. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not disclose to my lawyer about this deal as it will impact my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey carried out on a house in Pitsea ahead of retaining solicitors. I have been informed that there is a flying freehold element to the property. My surveyor has said that some mortgage companies may not issue a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Pitsea. Conveyancing will be smoother if you use a solicitor in Pitsea especially if they are familiar with such properties in Pitsea.
I am buying a house and cash is in place. I have provided conveyancer with two separate proof of photo identification, bank statement, numerous utility bills. Now he requires a copy from a probate lawyer stating that the funds are legitimate and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Pitsea conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.