We are nearing an exchange on a house in Cockfosters and my parents have transferred the 10% deposit to my conveyancer. I am now informed that as the deposit has not arrived from me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancer is obliged to check with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Are the BSA intent on creating a search tool with a view to to identify firms on the Coventry BS conveyancing panel for example in Cockfosters?
We would not expect to be advised of any intention on the part of the BSA to develop such a tool.
Will my conveyancer be raising questions concerning flooding as part of the conveyancing in Cockfosters.
The risk of flooding is if increasing concern for lawyers dealing with homes in Cockfosters. Plenty of people will buy a house in Cockfosters, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a various checks that may be carried out by the purchaser or by their conveyancers which will give them a better understanding of the risks in Cockfosters. The standard information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to determine whether the property has suffered from flooding. If flooding has previously occurred which is not notified by the seller, then a buyer may issue a compensation claim resulting from an inaccurate answer. A buyer’s conveyancers should also order an environmental report. This will indicate whether there is a recorded flood risk. If so, further inquiries will need to be initiated.
How does conveyancing in Cockfosters differ for newly converted properties?
Most buyers of new build premises in Cockfosters contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Cockfosters usually acquire the real estate, 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 accustomed to new build conveyancing in Cockfosters or who has acted in the same development.
Am I right to be wary that brokers that I am dealing with are recommending a factory type conveyancing firm rather than a High Street Cockfosters conveyancing company?
As with lots of service providers, often referrals from family and friends can be very helpful. Yet there are numerous players in a conveyancing deal; estate agents, mortgage brokers and lenders may suggest solicitors to instruct. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the recommendation. You are at liberty to select your own conveyancer. Don't forget that some lenders specify a panel list of law firms you must use for the lender related work in your conveyancing.
As co-executor for the estate of my grandmother I am disposing of a house in Cardiff but reside in Cockfosters. My lawyer (approximately 250 kilometers awayrequires that I sign a stat dec prior to the transaction finalising. Could you suggest a conveyancing practitioner in Cockfosters to attest and place their company stamp on the document?
Technically speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are Cockfosters based