I am getting closer to an exchange on a house in Streatham and my parents have sent the ten percent deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my lender. I am advised that, 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 mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your solicitor is legally required to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
When it comes to lenders such as HSBC, do Streatham lawyers incur an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am currently in the process of buying my council flat in Streatham. I have a mortgage offer with Yorkshire BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
I had an offer accepted on a house in Streatham on 11/9/2020, valuation was booked five days after, received a clean bill of health. Property lawyer instructed, so all that was missing was my mortgage offer. Having made daily calls to Co-operative and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Co-operative conveyancing panel. Are Co-operative entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should commercial conveyancing searches disclose proposed roadworks that could affect a commercial property in Streatham?
Its becoming the norm that commercial conveyancing solicitors in Streatham will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Streatham. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Streatham.
For each commercial conveyancing transaction in Streatham it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Streatham commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Streatham.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Streatham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Streatham. 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…’
I am purchasing my first flat in Streatham with a loan from Godiva Mortgages Ltd. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not to tell my lawyer about this side-deal as it would affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 am buying a ground floor flat in Streatham. Conveyancing lawyer has been waiting for, from the vendor, building insurance paperwork. This afternoon I was informed that the seller needs to forward the insurance paperwork for the flat above as well. Why would my conveyancing practitioner need to check the insurance for the flat above? Is it strictly required? We have been stalled for the previous month…
It is not unheard of in leasehold conveyancing in Streatham to find Conveyancing in Streatham in a minority of cases reveals that the lease obliges the leasehold owners to insure their individual flats as opposed to the freeholder insuring the whole building - which is definitely preferable. Do clarify with your solicitor but it would appear that your conveyancer is attempting to establish that the whole building is insured. Insuring your apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be reconstructed as a result of lack of insurance.