I am approaching an exchange on a flat in Ponders End and my parents have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has not come from me my conveyancer needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company 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 mortgage, so is it really necessary for him to raise this?
The property lawyer is obliged to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We're in Ponders End, First time buyers buying with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are buying a terrace house in Ponders End. Our aim is to carry out a loft conversion at the property.Will the conveyancing process include checks to determine if these alterations are permitted?
Your solicitor will review the deeds as conveyancing in Ponders End will on occasion identify restrictions in the title documents which prevent categories of alterations or necessitated the permission of another owner. Many works need local authority planning permissions and approval in compliance with building regulations. Certain areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these issues with a surveyor ahead of any purchase.
I have been advised by my lawyer that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Ponders End conveyancing?
The appropriate level of restrictive coveneant indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and The Mortgage Works. Conveyancing practitioners as opposed to members of the public take out such insurances.
My husband and I are spending time looking at houses in Ponders End and I am about to put in an offer. Should I already have a solicitor in place at this stage? I am planning to take a home loan with Virgin Money.
It would be sensible to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are getting a mortgage with Virgin Money, ask your prospective lawyers if they are on the Virgin Money conveyancing panel otherwise they can't do the mortgage legal work.
What will a local search reveal regarding the property we're buying in Ponders End?
Ponders End conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search plays a central role in most Ponders End conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search should reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I have justdiscovered that Action Conveyancing have been shut down. They carried out my conveyancing in Ponders End for a purchase of a freehold house 18 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The quickest way to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ponders End conveyancing specialists.
How does conveyancing in Ponders End differ for newly converted properties?
Most buyers of new build residence in Ponders End contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Ponders End typically buy 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 used to new build conveyancing in Ponders End or who has acted in the same development.