The owners of the property we are hoping to buy are using a conveyancing practitioner in Limehouse who has insisted on a lock out agreement with a down payment 10k. Is it wise to enter into such agreements?
This kind of preliminary agreement isn't common in Limehouse, conveyancers are not keen on them as they divert attention from the main conveyancing focus 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. In addition, there is no certainty that just because the owner has executed a lock out agreement they will complete the sale with you. They may breach the agreement if they are offered a big enough financial inducement to do so because a wronged party with the benefit of a exclusivitycontract will still be duty bound to establish consequential losses from the breach and this may not amount to the extra amount that your vendor may gain by breaching the agreement, however morally unworthy it undoubtedly is.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Limehouse. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 1/12/2025, the requirements read as follows :
It has been 4 months since my purchase conveyancing in Limehouse concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Limehouse is the location of the property. What do you suggest?
Flying freeholds in Limehouse are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Limehouse you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Limehouse 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 residence.
My uncle has suggested that I appoint his conveyancing solicitors in Limehouse. Should I choose my own property lawyer?
No doubt it’s preferable to choose a conveyancing lawyer is to have feedback from friends or relatives who have actually previously instructed the solicitor that you are considering.