My partner and I are approaching an exchange on a property in Neasden and my parents have sent the ten percent deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my solicitor needs to disclose this to my lender. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The conveyancing practitioner is obliged to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I have been told that property searches are the number one reason for hinderance in Neasden house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Neasden.
My wife and I own a renovated Victorian property in Neasden. Conveyancing lawyer represented me and Bank of Scotland. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching address. Is it worth asking Bank of Scotland to clarify?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Neasden and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing practitioner who conducted the work.
How does conveyancing in Neasden differ for new build properties?
Most buyers of new build or newly converted property in Neasden approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Neasden tend to acquire the site, 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 conveyancing solicitors 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 Neasden or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Neasden I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Neasden for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I have been sourcing a conveyancing solicitor in Neasden for my home move. Is it possible to check a firm’s complaints history with the profession’s regulator?
Anyone may read documented Solicitor Regulator Association (SRA) determinations resulting from investigations commenced on or after Jan 2008. Go to Check a solicitor's record. To find information Pre 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The SRA could monitor call for training reasons.