My wife and I are only a couple days away from an exchange on a property in Chingford and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancing practitioner is duty bound to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
It is is a decade since I purchased my house in Chingford. Conveyancing solicitors have just been retained on the sale but I can't track down the title documents. Is this a problem?
You need not be too concerned. Firstly the deeds may be retained by the mortgage company or they may be in the possession of the solicitor who acted in your purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. The vast majority of conveyancing in Chingford involves registered property but in the rare situation where your home is not registered it is more tricky but is resolvable.
Should commercial conveyancing searches disclose planned roadworks that could affect a commercial premises in Chingford?
Many commercial conveyancing solicitors in Chingford will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Chingford. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Chingford.
For each commercial conveyancing transaction in Chingford it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Chingford commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Chingford.
How does conveyancing in Chingford differ for new build properties?
Most buyers of new build residence in Chingford contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because builders in Chingford tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Chingford or who has acted in the same development.
I decided to have a survey carried out on a house in Chingford in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies will not give a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Chingford. Conveyancing may be slightly more expensive based on your lender's requirements.
My father-in-law has suggested that I instruct his lawyers for conveyancing in Chingford. Should I use them?
Much as we are happy to recommend a Chingford conveyancing lawyer the best way to choose a conveyancing lawyer is to have guidance from friends or family who have experience in using the firm that you are are thinking of instructing.