The owners of the home we are looking to purchase have instructed a conveyancing solicitor in Eastbourne who has recommended a preliminary agreement with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
This form of arrangement is not the norm in Eastbourne, conveyancers will often encourage clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the proprietor has entered into an exclusivity agreement they will complete the sale with you. They may be in contravention of the agreement if they are offered sufficient offer to do so because a wronged claimant with the benefit of a lockout agreement will still be obliged establish consequential losses from the breach and this may not amount to the financial upside that your vendor may obtain by breaking the agreement, no matter how morally reprehensible that may be.
What does my ID and proof of funds have anything to do with my conveyancing in Eastbourne? What am I being asked for?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Eastbourne. Nowadays you will not be able to complete any conveyancing transaction in the absence submitting evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a bank statement. Please note that if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other.
Proof of your origin of monies is necessary under Money Laundering Regulations. You should not be offended when you are asked to produce this as your lawyer must retain this information on record. Your Eastbourne conveyancing practitioner will require evidence of proof of funds before they are able to accept any monies from you into their client account and they should also ask further queries concerning the source of funds.
Do I need to attend the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Eastbourne so that I can attend their offices if necessary.
Whereas this was necessary ten years ago, almost all lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to hand over ID documents and there are still distinct advantages to instructing a locally based solicitor, in your situation a conveyancing solicitor in Eastbourne.
Should my lawyer be making enquiries concerning flooding during the conveyancing in Eastbourne.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Eastbourne. Some people will purchase a house in Eastbourne, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, but there are a various checks that may be initiated by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Eastbourne. The conventional set of completed inquiry forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to determine whether the property has ever been flooded. In the event that the residence has been flooded in past and is not disclosed by the vendor, then a purchaser may issue a compensation claim resulting from an inaccurate reply. The purchaser’s lawyers will also order an enviro report. This will indicate if there is a recorded flood risk. If so, more detailed investigations should be carried out.
I am selling my home. My former conveyancers have shut. I am in need of a recommendation of a conveyancing firm. I happen to live in Eastbourne if that makes things easier.
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