The vendors of the house we are looking to purchase have instructed a conveyancing firm in Fareham who has insisted on a lock out contract with a down payment two thousand pounds. Is it wise to enter into such agreements?
This type of agreement is unusual in Fareham, conveyancers will often sway clients away from them as they detract from the primary focus, namely conveyancing and if you end up having your deposit forfeited 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 vendor has entered into an exclusivity agreement they will sell to you. They may be motivated to break the contract if they receive sufficient offer to do so because a wronged purchaser with the benefit of a lockoutcontract will still have to establish consequential losses from the breach and these may not compare to the extra amount that your seller may secure by breaking the agreement, no matter how morally unworthy it undoubtedly is.
Me and my partner are purchasing a apartment in Fareham. It might be a silly question but how we can trust a solicitor? At some point we will need to deposit funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I happen to be the sole recipient of my late mum's will and I have everything in my name now, including the house in Fareham. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship could be treated the same way as though I had purchased the house in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. many lenders would take a sensible view as this clause is principally there to capture subsales or the flipping of property.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Fareham property lawyer on the Principality panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
I need some quick conveyancing in Fareham as I am under an ultimatum to sign on the dotted line in less than 3 weeks. A mortgage is not required. Can I decline from having conveyancing searches to save fees and time?
As you are are a mortgage free buyer you have the choice not to do searches although no lawyer would recommend that you don't. With lots of history conveyancing in Fareham the following are instances of issues that can be revealed and therefore impact future saleability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Road Schemes,...
Me and my brother own a terraced Edwardian property in Fareham. Conveyancing solicitor acted for me and Bank of Ireland. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Fareham and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with the conveyancing lawyer who conducted the work.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Fareham is where the house is located. Is there any advice you can give?
Flying freeholds in Fareham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Fareham you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fareham may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.