The owners have rather brash vendors who has insisted on a preliminary agreement with a non-refundable deposit 6,000. Is it wise to enter into such agreements?

There are two primary concerns with executing a lock out agreement (also termed a shut-out contract) is that it can distract from moving forward with the conveyancing process, so unless it requires limited or no negotiation then it could turn out to be a cause of frustration and delay. It is not strongly advocated amongst London Colney conveyancing solicitors for this reason. The other main concern is the extent of the remedies available - a jilted buyer should not expect to win injunctive relief to prevent the seller selling to another buyer, so the only remedy open via the agreement will be the reimbursement of abortive charges and, in limited scenarios, the extra payment of damages.

What does my ID and proof of funds have anything to do with my conveyancing in London Colney? Why is this being asked of me?

It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in London Colney. However these days you will not be able to proceed with any conveyancing transaction in the absence handing over proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Remember if you are supplying your driving licence as evidence of identification it must be both the paper section and photo card part, one is not satisfactory in the absence of the other.

Verification of the origin of monies is required under Money Laundering Regulations. You should not be offended when when this is requested of you as your lawyer will need to have this information on file. Your London Colney conveyancing solicitor will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask additional queries regarding the source of monies.

i am purchasing my first flat in London Colney with the aid of help to buy. The developers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not inform my solicitor about the side-deal as it will impact my mortgage with the bank. Do I keep my lawyer in the dark?.

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.