We have rather brash vendors who has suggested a preliminary contract with a non-refundable deposit 6,000. Is it wise to enter into such agreements?

Lock out agreements are contracts binding a property vendor and prospective buyer granting the buyer a ‘clear field’ to purchase the premises within an agreed time frame. For all intents and purposes, an exclusivity is a document specifying that you should receive a contract at a later date which is the main conveyancing contract. It is generally used for buyer confidence though in many situations, the vendor may enjoy an upside from such agreements as well. There are various positives and negatives to having an agreement but you need to check with your solicitor but beware that it may end up costing you more in conveyancing charges. For these reasons these contracts are avoided in relation to conveyancing in Farringdon.

Should commercial conveyancing searches reveal proposed roadworks that could impact a commercial property in Farringdon?

Its becoming the norm that commercial conveyancing solicitors in Farringdon will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Farringdon. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Farringdon.

For every commercial conveyancing transaction in Farringdon it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Farringdon commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Farringdon.

I'm remortgaging my current home to a buy to let loan with Lloyds TSB Bank and intend to use the remaining equity as a deposit on another property. The neighborhood we are interested in is Farringdon. Will your lawyers be able to act for both sets of lenders and link together the conveyances?

Make use of our comparison tool on this page to ensure that the solicitors are on the appropriate lender panels. Having checked that they are your lawyer will be able to tie up the two transactions but you should talk with you conveyancer and make clear your expectations and needs.

We're FTB’s - agreed a price, yet the selling agent informed us that the vendor will only go ahead if we appoint the agent's chosen conveyancers as they need an ‘expedited deal’. My instinct tells me that we should use a local conveyancer who is accustomed to conveyancing in Farringdon

We suspect that the seller is unaware of this ultimatum. Should the owner desire ‘a quick sale', taking such a hostile approach to a serious buyer is is going to put the whole deal at risk. Avoid the agents and go straight to the sellers and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you intend to appoint your own,trusted Farringdon conveyancing firm - not the ones that will provide the estate agent a kickback or meet his conveyancing targets set by corporate headquarters.

We own a leasehold flat in Farringdon. Conveyancing was completed in 2010. I have been told that I should not let the the remaining lease term to get too low. Why is that a problem?

Farringdon leasehold properties are for a fixed term - usually ninety nine years when they started. However many flats in Farringdon were built or converted 30 or more years ago and so such leases now have fewer than 80 years unexpired. That may seem like a long time however Banks, Building Societies and other mortgage lenders generally require leases to have at least seventy five years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To enhance the marketability of your property you should be thinking about whether or not to extend your lease well in advance of selling the property. Please note that there are significant benefits to doing so before the lease reaches even 80 years as when the lease is less than 80 years the premium you have to pay to extend starts to get a lot more expensive.