My fiance and I are planning to buy a home in Retford and have instructed a Retford conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Skipton Building Society have this evening contacted us to advise us that there is now an issue as our Retford conveyancer is not on their approved list of lawyers. Please explain?

If you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Retford lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.

The sellers of the home we are hoping to buy have instructed a conveyancing solicitor in Retford who has insisted on a preliminary contract with a payment of 5k. Are such agreements sensible?

There are a couple of primary downsides with entering into any lock out agreement (sometimes known as a no-shop agreement) is that it can distract from making progress with the conveyancing work, so in the absence of it needing limited or no negotiation then it may transpire to be unhelpful. It is not promoted amongst Retford conveyancing practitioners for this reason. A supplemental concern is the extent of the remedies available - an aggrieved buyer is extremely unlikely to be issued with an injunctive ruling by a court to stop the owner disposing of the property to another buyer, so the only remedy available under the contract will be the reimbursement of wasted charges and, in restricted scenarios, the extra payment of penalties.

How does conveyancing in Retford differ for newly converted properties?

Most buyers of new build or newly converted property in Retford come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Retford typically buy 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 conveyancers 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 accustomed to new build conveyancing in Retford or who has acted in the same development.

Hoping to buy a property located in Retford and I am already nervous. I couldn't find anything specific about Retford. Conveyancing will be needed in due course but do you know about the Retford area? or perhaps some other tips you can share?

Rather than looking online forget looking online you should go and have a look at Retford. In the meantime here are some basic statistics that we found

I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Retford. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Retford ?

The majority of houses in Retford are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are buying in Retford in which case you should be shopping around for a Retford conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.

Retford Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing

Who is in charge of the building? It would be sensible to find out if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being allowed in certain buildings in Retford. If you love the propertyin Retford but your dog is not allowed to move with you then you will be presented with a hard determination.