The vendors of the house we are looking to purchase are using a conveyancing solicitor in Oakham who has suggested a exclusivity agreement with a deposit of 5k. Are such agreements generally advanced for Oakham conveyancing transactions?
There are a couple of main concerns with signing a lock out contract (occasionally referred to as a no-shop agreement) is that it diverts attention away from progressing with the conveyancing transaction itself, so unless it requires limited or no negotiation then it may turn out to be a hindrance. It is not strongly advocated amongst Oakham conveyancing solicitors for this reason. The other main negative is the extent of the remedies available - an aggrieved buyer is extremely unlikely to win injunctive relief to stop the seller selling to another buyer, so the only remedy open via the contract will be the recovery of wasted costs and, in restricted circumstances, the additional payment of penalties.
Without wishing to tempt fate I plan to purchase a home in Oakham. My work colleague pointed out that my conveyancer must carry out a Chancel Search. Does this sound right?
The case of Aston resulted in almost every conveyancing solicitor in Oakham to conduct chancel searches. Indemnity policies can be arranged if chancel liability is likely to be enforced. Your conveyancing lawyer should provide more details. Church of England properties in Oakham where chancel liability may apply include parish data base.
I'm remortgaging my existing home to a buy to let loan with and intend to use the remaining equity as a down payment on further house. The location we are interested in is Oakham. Will your lawyers be able to act for both sets of mortgage companies and link together the transactions?
Make use of our search tool on this site to ensure that the solicitors are approved by both mortgage companies. On the basis that they are the conveyancer should be able to simultaneously deal with the two transactions but you should have a chat with you lawyer and make apparent your expectations and requirements.