My wife and I are nearing an exchange on a property in Plaistow and my mum and dad have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to make a notification to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the bank concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The property lawyer is legally required to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We are purchasing a flat and require a conveyancing solicitor in Plaistow who is on the Santander approved panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Plaistow.
My wife and I are planning on selling our house in Plaistow and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A local conveyancer would know this is not the case. For the life of me I don't know why the purchasers instructed a national conveyancing practice as opposed to a conveyancing solicitor in Plaistow. Having lived in Plaistow for 4 years we know that this is a non issue. Do we contact our local Authority to get confirmation need.
It would appear that you have a conveyancing firm already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am purchasing my first flat in Plaistow with the aid of help to buy. The sellers would not reduce the price so I negotiated £7000 of additionals instead. The estate agent advised me not disclose to my conveyancer about this extras as it will adversely affect my mortgage with Accord Mortgages Ltd. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Plaistow is the location of the property. Is there any guidance you can impart?
Flying freeholds in Plaistow are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Plaistow you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Plaistow may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have been advised by a number of selling agents in Plaistow to choose a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to recommend your services ahead of a competitor’s?
We don’t give any financial incentive for sending work to this site. We thought it would be too underhand to pay a commission as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.