I am getting closer to an exchange on a house in South Woodford and my mum and dad have transferred the ten percent deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your lawyer is legally required to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
What is the first thing I need to know about purchase conveyancing in South Woodford?
Not many law firms or advisers will tell you this but conveyancing in South Woodford and elsewhere in North East London is an adversarial process. Put another way, when it comes to conveyancing there exists an abundance of opportunity for confrontation between you and other parties involved in the legal transfer of property. For example, the vendor, estate agent and even potentially your mortgage company. Choosing a lawyer for your conveyancing in South Woodford should not be taken lightly as your conveyancer is your adviser, and is the SOLE party in the legal process whose interest is to protect your best interests and to protect you.
Sometimes a third party with a vested interest will attempt to sway you that you should follow their advice. For instance, the property agent may claim to be assisting by suggesting your solicitor is dragging his heels. Or your financial adviser may try to convince you to do something that is against your solicitors recommendation. You should always trust your lawyer above all other parties in the home moving process.
Are there restrictive covenants that are commonly identified as part of conveyancing in South Woodford?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in South Woodford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in South Woodford differ for new build properties?
Most buyers of new build property in South Woodford 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 builders in South Woodford typically buy 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 property lawyers 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 used to new build conveyancing in South Woodford or who has acted in the same development.
How difficult is it to switch conveyancer as I need to select a firm on the The Mortgage Works conveyancing list. I instructed a local conveyancing solicitor in South Woodford five minutes from me but he is not approved by The Mortgage Works
We will our best to assist in finding you a conveyancing solicitor in South Woodford on the The Mortgage Works panel. Please note that the conveyancers that we list do not pay us commission if you instruct them and are fully regulated by the SRA who regulate all conveyancing solicitors in South Woodford. In making use of the find a conveyancing solicitor tool on this website, you can contrast charges for conveyancing solicitors in South Woodford and throughout England and Wales.
My step-father has recommend that I appoint his conveyancing solicitors in South Woodford. Do I take his recommendation?
Much as we are happy to recommend a South Woodford conveyancing lawyer it’s preferable to choose a conveyancing lawyer is to seek guidance from friends or relatives who have actually previously instructed the firm that you are considering.