Unfortunately I am unable to travel far from Woodstock. What is the rationale as to why all Woodstock lawyers aren't included on all lender panels?
Banks tend to restrict either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that the organisation must have two or more partners. In addition to restricting the structure of firm, some banks made a decision to reduce the number of conveyancers they use to act for them. You should note that lenders have no liability for the quality of service provided by any Woodstock lawyer on their approved list. Mortgage fraud was a key driver in the culling of solicitor panels from 2008 notwithstanding that there are contrary assessments concerning whether solicitors sat at the center of that fraud. Statistics from HMLR exposes that thousands of conveyancing practices only carry out one or two conveyances a year. Those vindicating conveyancing panel consolidation ask why law firms deserve any entitlement to remain on a conveyancing panel when clearly property law is not their primary expertise?
We have rather pushy vendors who has recommended a exclusivity contract with a down payment 10k. Is it wise to enter into such agreements?
There are two primary downsides with entering into any lock out contract (sometimes referred to as an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing work, so unless it requires minimal or no negotiation then it may turn out to be unhelpful. It is not particularly popular by Woodstock conveyancing lawyers as a result. A supplemental negative is the extent of the remedies available - an aggrieved purchaser is extremely unlikely to obtain an injunction to stop the seller disposing of the property to an alternative purchaser, so the only remedy available under the contract will be the recovery of wasted costs and, in restricted circumstances, the extra payment of penalties.
Why do I have to pay up front when it comes to conveyancing in Woodstock?
Where you are retaining lawyers for conveyancing in Woodstock your solicitor will request that you place them with monies to cover the the cost of the conveyancing searches. Ordinarily this is requested to cover the fees of the Local Authority Search. If any deposit is payable against the sale price then this will be asked for immediately ahead of exchange of contracts. The closing balance that is needed should be sent to your lawyer shortly before completion.
I am about to put an offer on a leasehold apartment in Woodstock. The estate agents say that it is the norm for flats in Woodstock to have less than 75 years unexpired on the lease. I am obtaining a mortgage with Chelsea Building Society. Is this going to be acceptable if the lease has 70 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 2/12/2025 the requirements read as follows :
Should my conveyancer be asking questions about flooding as part of the conveyancing in Woodstock.
Flooding is a growing risk for lawyers specialising in conveyancing in Woodstock. Plenty of people will purchase a property in Woodstock, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a number of searches that may be initiated by the purchaser or on a buyer’s behalf which can figure out the risks in Woodstock. The conventional set of completed inquiry forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to find out if the premises has ever been flooded. If flooding has previously occurred which is not notified by the seller, then a buyer could bring a claim for damages as a result of such an incorrect response. A purchaser’s lawyers will also order an enviro search. This should reveal if there is a recorded flood risk. If so, additional inquiries should be made.