My wife and I are getting closer to an exchange on a property in Peckham and my parents have transferred the ten percent deposit to my lawyer. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your lawyer is legally required to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What happens if my lawyer’s firm is suspended from the Nottingham Conveyancing panel ahead of completing my conveyancing in Peckham?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My wife and I purchasing a 4 bedroom semi-detached house in Peckham. We would like to carry out a loft conversion at the property.Will the conveyancing process include checks to see if these alterations are permitted?
Your property lawyer should review the deeds as conveyancing in Peckham will occasionally identify restrictions in the title deeds which prevent certain changes or need the permission of another owner. Many extensions require local authority planning permissions and approval in compliance with building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
I am the sole beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Peckham. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in November. Is the property unsalable for six months?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. Most banks would take a practical view as this obligation chiefly exists to capture subsales or the wholesaling and assigning of properties.
It is unclear whether my lender requires a lease extension. I have called into my local Peckham building society branch on numerous occasions and was advised it wasn't an issue and they would lend. My Peckham conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend in accordance with their specific requirements. I simply don't know who is right.
As long as the property lawyer is on the bank panel, she or he must follow the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am purchasing a house and the solicitor has raised the issue of Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. He has recommended insurance. Is this strictly necessary for conveyancing in Peckham
Unless a prior purchase of the premises took place after 12 October 2013 you could take it that conveyancing practitioners delivering conveyancing in Peckham to continue to advocate a chancel search and or insurance against a claim.
Is it best to go with a Peckham conveyancing lawyer who is local to the property I am purchasing? An old friend can handle the conveyancing but they are based 200miles away.
The primary upside of using a local Peckham conveyancing firm is that you can visit the firm to execute documents, hand in your ID and pester them where appropriate. Having local Peckham know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were content that must trump using an unknown Peckham conveyancing solicitor just because they are Peckham based.
Are all Peckham property lawyers on every lender conveyancing panel?
You can use our search tool or you can go into your local lender branch in Peckham. Chances are that they can recommend conveyancing solicitors in Peckham