We are approaching an exchange on a flat in Edgware and my parents have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancer is duty bound to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
As someone unfamiliar with conveyancing in Edgware what’s the number one tip you can give me concerning the ownership transfer in Edgware
Not many law firms shout this from the rooftops but conveyancing in Edgware and elsewhere in North London is often a confrontational experience. In other words, when it comes to conveyancing there is lots of opportunity for confrontation between you and other parties involved in the legal transfer of property. For instance, the seller, selling agent and even potentially a mortgage company. Choosing a solicitor for your conveyancing in Edgware should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the legal process whose role it is to look after your best interests and to keep you safe.
On occasion a potential adversary may attempt to persuade you that it is in your interests to do things their way. As an example, the estate agent may claim to be assisting by claiming that your solicitor is wrong. Or your financial adviser may tell you to do something that is against your lawyers recommendation. You should always trust your lawyer above all other parties in the home moving process.
We wanted to use a conveyancing solicitor in Edgware for our house move. Our financial adviser has since notified us that our bank The Mortgage Works won't deal with them. Surely this is unduly restrictive?
Lenders tend to restrict either the type or the amount of conveyancing firms on their panel. Typical examples of such restriction(s) being that a law practice must have two or more partners. As well as restricting the type of firm, some have reduced the amount of solicitor practices they allow to represent them. You should note that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels since 2008 even though there are differing opinions regarding the level of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that thousands of law firms, including some in or near Edgware only carry out a couple conveyances per annum.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Edgware I like with open areas and station nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in Edgware suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
We're FTB’s - agreed a price, but the property agent has warned us that the vendor will only move forward if we appoint the agent's recommended lawyers as they need an ‘expedited deal’. We would rather use a local solicitor used to conveyancing in Edgware
We suspect that the seller is not behind this demand. Should the seller desire ‘a quick sale', turning down a motivated purchaser is going to damage their objectives. Try to communicate with the sellers directly and explain that (a)you are keen to buy (b)you are ready to progress, with finances in place © you are unencumbered (d) you wish to move quickly (e)but you are going to instruct your preferred Edgware conveyancing lawyers - rather thanthe ones that will provide their negotiator at the agency a kickback or hit his conveyancing targets pre-set by corporate headquarters.
Me and myfiance and I are in the market for a responsive conveyancing lawyer in Edgware to assist me in selling my home. I am aware of the risk of getting ripped off but with many Edgware conveyancing organisations to choose from...who's the best?
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