My husband and I are approaching an exchange on a house in Chingford and my mum and dad have sent the 10% deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancer is legally required to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold residence in Chingford but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Chingford and has limited impact for conveyancing in Chingford but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
What will a local search tell me about the property we're purchasing in Chingford?
Chingford conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company for example Xpress Legal The local search is essential in every Chingford conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search will supply data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
How does conveyancing in Chingford differ for new build properties?
Most buyers of new build property in Chingford approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Chingford typically purchase 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 Chingford or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a quick, no chain conveyancing. Chingford is where the house is located. What do you suggest?
Flying freeholds in Chingford are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chingford you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chingford may determine 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.
What does commercial conveyancing in Chingford cover?
Chingford conveyancing for business premises covers a broad array of advice, supplied by regulated solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.