The vendors of the property we are purchasing have instructed a conveyancing solicitor in Colne who has insisted on a preliminary agreement with a payment of 5k. Is it wise to enter into such agreements?

There are two main concerns with entering into any lock out agreement (also referred to as a shut-out contract) is that it can distract from progressing 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 by Colne conveyancing lawyers for this reason. A supplemental negative is the extent of the remedies available - an aggrieved purchaser should not expect to win injunctive relief to stop the owner completing the sale to a third party, so the only remedy open via the agreement will be the recovery of abortive charges and, in limited circumstances, the extra payment of penalties.

In what way does my ID and proof of funds have anything to do with my conveyancing in Colne? Is this really necessary?

Colne conveyancing solicitors and indeed property practitioners throughout the UK have a duty under money laundering regulations to verify the identity of any client in order to ensure that clients are who they say they are.

Conveyancing clients will need to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill less than 3 months old).

Evidence of source of monies is also required under the money laundering laws as conveyancers are obliged to check that the monies you are utilising to purchase a property (be it the exchange deposit or the total purchase price where you are buying mortgage free) has come from a reputable source (such as employment savings) rather than the product of illegitimate activity.

I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Colne. My lender is Accord Mortgages

Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 4/3/2025, the requirements read as follows :

Due to the input of my in-laws I had a survey completed on a house in Colne ahead of retaining conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some banks may not give a loan on a flying freehold premises.

It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Colne. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Colne to see if the conveyancing will be more expensive.

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

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