We have very brash vendors who has recommended a lock out agreement with a non-refundable deposit of 5k. Are such agreements sensible?
Exclusivity contracts are contracts binding a home seller and prospective buyer giving the buyer a ‘clear field’ to purchase the premises within an agreed time frame. 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 confidence though in some cases, the owner may stand to benefit from such agreements as well. There are many pros and cons to having them but you should to check with your solicitor but beware that it may result in incurring extra in conveyancing fees. For this these agreements are unusual in relation to conveyancing in Castle Vale.
Are the Castle Vale conveyancing solicitors identified as being on the Lloyds conveyancing panel, together with their details provided by Lloyds?
Castle Vale conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Castle Vale with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
In theory, you could use a solicitor that is not on the Aldermore conveyancing panel, but Aldermore would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
How does conveyancing in Castle Vale differ for newly converted properties?
Most buyers of new build or newly converted property in Castle Vale come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because new home sellers in Castle Vale typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Castle Vale or who has acted in the same development.
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At this site receive a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that has a full understanding of the issues for your conveyancing in Castle Vale. As opposed to estate agents and many comparison sites we do not operate commission arrangements with solicitors. Some agents and online brokers 'recommend' the firm who pay the highest per referral, as opposed to the best value conveyancing in Castle Vale