My husband and I are getting closer to an exchange on a property in Islington and my parents have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your solicitor is legally required to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We note that you have a search directory listing firms on the Nationwide conveyancing panel. Do companies pay you a referral fee if I instruct them for our own conveyancing in Islington?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Islington.
We are buying a end of terrace house in Islington. The intention is to carry out an extension to the side at the property.Will the conveyancing process include investigations to ascertain if these works are allowed?
Your conveyancer will review the deeds as conveyancing in Islington will sometimes reveal restrictions in the title deeds which prevent certain changes or necessitated the consent of a 3rd party. Many works call for local authority planning permissions and approval in compliance with building regulations. Some locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor before you commit yourself to a purchase.
I am the only recipient of my late father’s will with all property in now in my sole name, including the house in Islington. The Islington property was put into my name in September. I plan to dispose of the property. I understand that there is a CML six month 'rule', meaning my proprietorship may be treated the same way as though I had purchased the property in September. Do I have to wait half a year to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Most banks would take a sensible view as this obligation chiefly exists to identify the purchase and immediately sell or the quick reselling of properties.
Leeds Building Society have agreed my home loan in principle, my bid on a house in Islington has been agreed to, now what?
Your property agent will need to be informed of your property lawyer's details (make sure the conveyancing practitioners are on the bank’s panel). Contact Leeds Building Society or your broker and complete any relevant documentation. Leeds Building Society will appoint a valuer who will get in touch with the selling agent or seller to book an appointment. Once carried out (assuming no problems) it takes about a week to receive the mortgage offer. Leeds Building Society will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Islington.
I have been told that property searches are the main reason for obstruction in Islington house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Islington.
How does conveyancing in Islington differ for newly converted properties?
Most buyers of new build residence in Islington contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Islington usually acquire the land, 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 Islington or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Islington is the location of the property. Can you offer any guidance?
Flying freeholds in Islington are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Islington you would need to get your solicitor to go 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 Islington 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 residence.