My partner and I are only a couple days away from an exchange on a house in Eden Park and my parents have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to make a notification to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancer is obliged to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Eden Park? Is this really necessary?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identification documents of the person or body they are dealing with before they can accept their conveyancing business. The Terms of Engagement that you are required to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to provide ID verification documents, your solicitor would not be able to act for you.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would prefer to use a specialised conveyancing solicitor in Eden Park?
You should check but the the probability is that give you one of their panel solicitors should you accept the "fee-free" offer. Contact the bank and explore if they offer you a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Eden Park.
A relative suggested that where I am purchasing in Eden Park I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Eden Park conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Eden Park around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Eden Park Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data concerning Eden Park.
I am looking for a leasehold apartment up to £305k and identified one round the corner in Eden Park I like with open areas and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Eden Park for this price, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I'm selling a apartment in Eden Park. I can find my conveyancer's company on the Law Society's list, but I can't locate my conveyancer's name on the list. Should I be concerned?
Not every individual in the law firm must be listed by the regulator. Provided there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be undertaken by unlicensed staff.