The sellers of the house we are hoping to buy are using a conveyancing firm in Birmingham who has recommended a preliminary agreement with a deposit two thousand pounds. Are such agreements sensible?
There are a couple of main concerns with signing a lock out contract (occasionally referred to as a shut-out contract) is that it takes away the focus from moving forward with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it could transpire to be a hindrance. It is not particularly popular amongst Birmingham conveyancing practitioners for this reason. A supplemental concern is the extent of the remedies available - a jilted buyer is extremely unlikely to be granted an injunctive ruling by a court to prevent the seller selling to a third party, so the only remedy open via the contract will be the recovery of wasted charges and, in limited scenarios, the extra payment of penalties.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Birmingham is the location of the property. What do you suggest?
Flying freeholds in Birmingham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Birmingham you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Birmingham may ascertain 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 premises.
I have been sourcing a conveyancing lawyer in Birmingham for my home move. Can I review a firm’s record with the profession’s regulator?
You can search for documented Solicitor Regulator Association (SRA) determinations resulting from investigations started on or after 1 January 2008. Visit Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, call +44 (0)121 329 6800. The regulator could monitor telephone calls for training purposes.