The owners have rather assertive sellers who has recommended a lock out contract with a deposit of 5k. Is it wise to enter into such agreements?
There are a couple of main downsides with executing a lock out agreement (sometimes known as a no-shop agreement) is that it can distract from making progress with the conveyancing work, so in the absence of it needing limited or no negotiation then it could turn out to be a cause of frustration and delay. It is not strongly advocated amongst Fakenham conveyancing solicitors for this reason. The other main negative is the extent of the remedies available - a jilted purchaser should not expect to secure an injunction to prohibit the owner disposing of the property to an alternative purchaser, so the only remedy open via the agreement will be the reimbursement of wasted charges and, in restricted scenarios, the additional payment of penalties.
My aunt passed away six months ago and as sole heir and executor I was left the house in Fakenham. The house had a small mortgage left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this allowed?
Where you plan to refinance then Virgin Money will insist on your using a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
Should our conveyancer be asking questions about flooding during the conveyancing in Fakenham.
Flooding is a growing risk for lawyers carrying out conveyancing in Fakenham. There are those who purchase a house in Fakenham, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a various checks that can be carried out by the purchaser or on a buyer’s behalf which can figure out the risks in Fakenham. The conventional set of property information forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to determine whether the property has ever been flooded. In the event that the property has been flooded in past which is not notified by the owner, then a purchaser may issue a compensation claim as a result of such an incorrect reply. The purchaser’s conveyancers may also order an environmental report. This will reveal whether there is a recorded flood risk. If so, more detailed investigations will need to be carried out.
How do I use the search facility to choose a conveyancing lawyer in Fakenham on the authorised to act for my lender?
Step one is to pick a mortgage company such as Birmingham Midshires, Chelsea Building Society or Aldermore then choose your preferred area a common one being Fakenham. Conveyancing firms in Fakenham and across England and Wales will then be listed.
I have been told by numerous family members that it may take up to two months for Fakenham conveyancing to complete.This was four weeks ago. The draft contract was only sent to my conveyancing practitioner a few days ago so does the time start running now?
There is no official timeframe for conveyancing in Fakenham, or any area in the UK. You simply have to make sure your finances are in order and in due course the rest will come to you eventually.