The owners have very brash vendors who has insisted on a exclusivity agreement with a deposit of 5k. Is it wise to enter into such agreements?
There are two main concerns with executing a lock out agreement (occasionally termed a no-shop agreement) is that it takes away the focus from progressing with the conveyancing work, so unless it requires little or no negotiation then it could turn out to be unhelpful. It is not promoted by Wombourne conveyancing practitioners for this reason. The other main concern is the extent of the remedies available - a jilted buyer is not likely to obtain an injunction to bar the owner selling to an alternative purchaser, so the only remedy open via the agreement will be the recovery of abortive costs and, in limited circumstances, the extra payment of damages.
Do lawyers request an advanced payment when it comes to conveyancing in Wombourne?
Where you are retaining lawyers for conveyancing in Wombourne your solicitor will request that you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the purchase price then this should be needed immediately in advance of exchange of contracts. Any further balance that is needed should be transferred shortly before completion.
we are a couple who decided to purchase a newly converted apartment in Wombourne with a homeloan from lend.We would like to retain our Wombourne conveyancing solicitor but lend advised that she’s not on their approved list of member firms. We have to appoint a lend panel firm or retain our local solicitor and fork out for a lend panel lawyer to represent them.We feel as though this is unjust; Can we not simply insist that use our lawyer?
Unfortunately,no. The loan offered to you is subject to its terms and conditions, a common one being that conveyancers needs to be on the solicitor panel.Until recently, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for