My husband and I are only a couple days away from an exchange on a flat in East London and my mum and dad have sent the exchange deposit to my property lawyer. I am now told that as the deposit has not come from me my solicitor needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your conveyancing practitioner is legally required to check with lender to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I have a decision in principle. The lender mentioned the loan came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would much rather instruct a local conveyancing solicitor in East London?
Do check but the chances are that appoint one of their panel solicitors should you want the "fee-free" offer. Speak to the bank and determine if they allow a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near East London.
We are close to exchanging contracts on the sale of our home in East London and according to the buyers it appears that there is a risk of it being built on contaminated land. A local lawyer would know this is not the case. It does beg the question why the purchasers are using an internet conveyancing firm as opposed to a conveyancing solicitor in East London. Having lived in East London for 5 years we know that this is a non issue. Is it a good idea to contact our local Authority to seek confirmation that there is no issue.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
How does conveyancing in East London differ for newly converted properties?
Most buyers of new build or newly converted property in East London approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because house builders in East London 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 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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. East London is the location of the property. Can you offer any opinion?
Flying freeholds in East London are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in East London you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East London may decide 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 premises.
Am I better off to use a East London conveyancing solicitor based in the area that I am purchasing? I have an old university friend who can carry out the legal formalities but his firm is located over three hundred miles away.
The primary upside of using a high street East London conveyancing firm is that you can visit the firm to sign documents, present your ID and apply pressure on them where appropriate. Having local East London know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and in the main were happy that must surpass using an unfamiliar East London conveyancing lawyer just because they are local.