The sellers of the home we are purchasing hired a conveyancing firm in South Molton who has recommended a lock out agreement with a deposit 10k. Are such arrangements appropriate for South Molton conveyancing transactions?

There are two main concerns with executing a lock out agreement (occasionally known as an exclusivity agreement) is that it can distract from making progress with the conveyancing work, so in the absence of it needing little or no negotiation then it may transpire to be a cause of frustration and delay. It is not particularly popular amongst South Molton conveyancing practitioners for this reason. A further concern is the extent of the remedies available - an aggrieved buyer is not likely to obtain an injunction to stop the vendor selling to a third party, so the only remedy available under the agreement will be the reimbursement of wasted costs and, in restricted situations, the extra payment of damages.

I'm buying my first flat in South Molton with a loan from Accord Mortgages Ltd. The sellers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not reveal to my lawyer about the extras as it may jeopardize my mortgage with Accord Mortgages Ltd. Do I keep my lawyer in the dark?.

All lenders require a Disclosure of Incentives Form from the builder 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 am looking for a leasehold apartment up to £305k and found one round the corner in South Molton I like with a park and transport links in the vicinity, however it only has 61 years on the lease. I can't really find anything else in South Molton suitable, so just wondered if I would be making a grave error acquiring a short lease?

Should you need a mortgage the shortness of the lease will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.

We're novice buyers - agreed a price, but the selling agent has warned us that the seller will only go ahead if we use their recommended conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a family solicitor used to conveyancing in South Molton

It is unlikely the owners are driving this. If they require ‘a quick sale', alienating a serious buyer is going to damage their objectives. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to appoint your preferred South Molton conveyancing lawyers - as opposed tothe ones that will earn their estate agent a commission or achieve conveyancing thresholds demanded by corporate headquarters.

Me and my husband are disposing of a South Molton bungalow we inherited ten years ago in 2010. I have over a decades worth of conveyancing know-how and, now retired, see no reason not to conduct my own legal work. The purchaser's conveyancer has informed me that their building society will not allow us to do our own conveyancing mandating that the funds to be sent to a solicitor's bank account.

Mortgage instructions to lawyers from all CML members specify that If the vendor does not have legal representation the buyer’s lawyers should check whether the lender needs to be informed so that a decision can be reached if they are prepared to move forward.