What does my ID and proof of funds have anything to do with my conveyancing in East London? Is this really necessary?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the ID of the person or body they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms and Conditions that you need to sign will no doubt stipulate this. Your lender will also require certain documents to be viewed. If you refuse to supply identification documents, your solicitor can not take you on as a client.
Should my solicitor be making enquiries about flooding as part of the conveyancing in East London.
Flooding is a growing risk for conveyancers dealing with homes in East London. Plenty of people will purchase a house in East London, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a number of checks that can be initiated by the buyer or by their conveyancers which can give them a better understanding of the risks in East London. The standard information supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to determine if the premises has historically flooded. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser could bring a compensation claim as a result of such an incorrect reply. A buyer’s lawyers should also order an enviro report. This should reveal whether there is a recorded flood risk. If so, further investigations will need to be carried out.
How does conveyancing in East London differ for new build properties?
Most buyers of new build property in East London contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in East London usually acquire 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 accustomed to new build conveyancing in East London or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in East London ahead of instructing conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies will not give a loan on such a property.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in East London. Conveyancing will be smoother if you use a solicitor in East London especially if they are acquainted with such properties in East London.
As co-executor for the estate of my grandfather I am selling a property in Newport but live in East London. My lawyer (approximately 250 kilometers awayrequires that I execute a stat dec before the transaction finalising. Can you recommend a conveyancing lawyer in East London to attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are East London based
Do I cancel the direct debit for my mortgage with Co-operative once a completion date for my home sale in East London has been set?
You would be well advised to keep meeting any mortgage sums to Co-operative pending the mortgage being redeemed on completion as part of your East London conveyancing.