The vendors of the property we are hoping to buy have instructed a conveyancing solicitor in Taunton who has insisted on a lock out agreement with a payment of 5k. Are such contracts recommended for Taunton conveyancing transactions?

This kind of agreement is not the norm in Taunton, conveyancers will often encourage clients away from them as they detract from focusing on the main conveyancing focus and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. Furthermore, there is no guarantee that just because the proprietor has executed a lock out agreement they will complete the sale with you. They may be in contravention of the contract if they are offered a large enough financial inducement to do so because an aggrieved purchaser with the benefit of a exclusivity agreement will still be duty bound to show losses as a consequence of the breach and these may not equalise the financial upside that the owner may obtain by breaching the agreement, however morally unworthy that may be.

In what way does my ID and proof of funds have anything to do with my conveyancing in Taunton? What am I being asked for?

To satisfy the Money Laundering Regulations any Taunton conveyancing firm will require proof of identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility account showing your correct address.

In accordance with Money Laundering Regulations, property lawyers are duty bound to investigate not only the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your conveyancers are duty bound to make a disclosure to the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.

I'm buying a new build house in Taunton benefiting from help to buy. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not disclose to my lawyer about the deal as it may impact my loan with the bank. Should I keep quiet?.

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.