My partner and I are nearing an exchange on a house in Epping and my parents have transferred the ten percent deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The solicitor is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Why do I have to pay up front for conveyancing in Epping?
If you are buying a property in Epping your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. Ordinarily this is asked for to cover the fees of the Local Authority Search. When the down payment is as part of the sale price then this should be required shortly prior to contracts are exchanged. The final balance that is needed will be payable a couple of days prior to the day of completion.
A friend advised me that where I am purchasing in Epping I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Epping conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Epping around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Epping Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Epping Education with maps and statistics, Local Amenities and other useful information regarding Epping.
Despite weeks of looking the Title Certificate and documents to my house are lost. The lawyers who did the conveyancing in Epping 10 years ago are no longer around. Will I be able to sell the house?
As long as you have a registered title the information relating to your proprietorship will be evidenced by the Land Registry with a Title Number. It is possible to carry out a search at the Land Registry, find your property and obtain current copies of the property title for a small fee. Where the property is Leasehold then the Land Registry will also normally retain a file copy of the Registered Lease and again, a copy can be retrieved for a small fee.
Should I appoint a Epping conveyancing practitioner who is local to the property I am buying? An old friend can execute the legal formalities however they are based approximately 350kilometers away.
The primary upside of using a high street Epping conveyancing practice is that you can drop in to sign documents, deliver your identification documents and apply pressure on them if necessary. Having local Epping know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and the majority were happy that must trump using an unknown Epping conveyancing lawyer just because they are round the corner.
Why do Epping conveyancing charges are more expensive for leasehold and freehold properties?
There is always increased work necessary for leasehold conveyancing. Epping has many leasehold properties. There is more hours involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.