The sellers of the property we are looking to purchase have appointed a conveyancing firm in West Derby who has recommended a exclusivity agreement with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
This form of arrangement is unusual in West Derby, conveyancers are often inclined to veer clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer is left exposed. Furthermore, there is no guarantee that just because the owner has executed a lock out agreement they will sell to you. They may be motivated to break the contract if they receive a large enough incentive to do so because an aggrieved claimant with the benefit of a exclusivity agreement will still be legally obliged to show losses as a consequence of the breach and this may not compare to the financial benefit that the owner may obtain by reneging on the agreement, however morally condemnable the behaviour is.
Due to the advice of my in-laws I had a survey completed on a house in West Derby before retaining solicitors. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies may refuse to grant a mortgage on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in West Derby. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in West Derby to see if the conveyancing costs will increase in light of this.
In sourcing the world wide web for the term conveyancing in West Derby it shows results of numerous solicitorslocally.With so much choice what is the best way to find the suitable property lawyer for my move?
The ideal way of finding a suitable conveyancer is through a personal recommendation, so enquire of colleagues and family who have bought a property in West Derby or a local estate agent or mortgage broker.Charges for conveyancing in West Derby vary, so it's sensible to request at least four estimates from different companies. Make sure that you know that the fees are fixed.