We have very brash sellers who has recommended a exclusivity contract with a non-refundable deposit two thousand pounds. Is it wise to enter into such agreements?
Lock out agreements are agreements between a property seller and prospective acquirer giving the buyer exclusive rights to the sale of the premises for a set period of time. Essentially, a lock out agreement is a contract stating that you should have a contract at a later time being the main conveyancing contract. It is generally utilised for buyer confidence though in some cases, the owner may stand to benefit from such agreements as well. There are many pros and cons to using an agreement but you need to check with your conveyancer but note that it may end up incurring extra in conveyancing fees. For this these agreements are not popular when it comes to conveyancing in Sandbanks.
As someone unfamiliar with the Sandbanks conveyancing process what’s your top tip you can impart concerning the legal transfer of property in Sandbanks
You may not hear this from too many lawyers but conveyancing in Sandbanks or throughout Dorset is often a confrontational process. In other words, when it comes to conveyancing there is an abundance of opportunity for friction between you and other parties involved in the ownership transfer. E.g., the seller, estate agent and on occasion your bank. Selecting a solicitor for your conveyancing in Sandbanks an important selection as your conveyancer is your adviser, and is the ONLY person in the legal process whose interest is to look after your legal interests and to protect you.
Sometimes a potential adversary will try and convince you that you should follow their advice. For instance, the property agent may claim to be assisting by suggesting your lawyer is slow. Or your financial adviser may advise you to do something that is contrary to your solicitors advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I am considering applying for a Santander mortgage for purchase of a new build (under development) in Sandbanks with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
In theory, you could use a solicitor that is not on the Santander conveyancing panel, but Santander would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
How does conveyancing in Sandbanks differ for new build properties?
Most buyers of new build property in Sandbanks come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Sandbanks typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Sandbanks or who has acted in the same development.
What does commercial conveyancing in Sandbanks cover?
Sandbanks conveyancing for business premises incorporates a wide range of advice, provided by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.