The owners of the house we are looking to purchase have instructed a conveyancing solicitor in Bingley who has recommended a preliminary agreement with a non-refundable deposit of 5k. Are such agreements recommended for Bingley conveyancing transactions?

There are two primary downsides with signing a lock out contract (also termed a no-shop agreement) is that it diverts attention away from moving forward with the conveyancing work, so unless it requires little or no negotiation then it may turn out to be unhelpful. It is not strongly advocated amongst Bingley conveyancing lawyers for this reason. The other main concern is the extent of the remedies available - an aggrieved buyer is very unlikely to be issued with injunctive relief to stop the owner disposing of the property to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of abortive costs and, in rare situations, the extra payment of damages.

I have been told by my conveyancer that indemnity insurance type insurance is needed on my purchase. What is the level of cover for Bingley conveyancing?

The right level of IT indemnity insurance should be dictated by who who your lender is. It would differ for example between and . The average level of cover for IT insurance is av value for loc for Bingley. Conveyancing solicitors as opposed to borrowers take out such policies.

i am buying my first flat in Bingley with the aid of help to buy. The developers would not budge the price so I negotiated £7000 of extras instead. The estate agent suggested that I not to tell my lawyer about the extras as it will jeopardize my loan with the bank. 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.