We have very pushy sellers who has suggested a preliminary contract with a deposit two thousand pounds. Is it wise to enter into such agreements?
Lock out agreements are agreements binding a home owner and purchaser granting the buyer a ‘clear field’ to the sale of the property within a prescribed time frame. Essentially, a lock out is a document stating that you should be issued with a contract at a later time being the main conveyancing contract. It is generally used for buyer protection though in some cases, the proprietor may stand to benefit from such agreements as well. There are many positives and negatives to using them but you should to check with your lawyer but note that it may end up incurring extra in conveyancing charges. In light of this these contracts are not popular when it comes to conveyancing in Knaphill.
We wanted to use a conveyancing solicitor in Knaphill for our home move. Our financial adviser has since advised us that our mortgage company won't deal with them. Surely this is unduly restrictive?
Banks normally imposes restrictions either the category or the volume of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the type of firm, a few lenders have limited the number of firms they permit to represent them. Be aware that have no responsibility for the quality of advice provided by any member of Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there remains mixed opinions about the extent of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Knaphill only execute one or two conveyances per annum.
I opted to have a survey carried out on a house in Knaphill prior to retaining lawyers. I have been told that there is a flying freehold element to the property. The surveyor advised that some mortgage companies will refuse to issue a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Knaphill. Conveyancing will be smoother if you use a solicitor in Knaphill especially if they are acquainted with such properties in Knaphill.