My husband and I are only a couple days away from an exchange on a property in Poplar and my parents have transferred the ten percent deposit to my lawyer. I am now advised that as the deposit has not come from me my property lawyer needs to disclose this to my mortgage company. I am advised that, 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 mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your property lawyer is duty bound to check with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
My wife and I purchased a terraced Georgian property in Poplar. Conveyancing practitioner acted for me and Leeds Building Society. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Poplar and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing solicitor who completed the work.
How does conveyancing in Poplar differ for newly converted properties?
Most buyers of new build premises in Poplar come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Poplar tend to 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 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 Poplar or who has acted in the same development.
I opted to have a survey carried out on a house in Poplar before retaining lawyers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some banks may not issue a loan on such a property.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. If you contact us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Poplar. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Poplar to see if the conveyancing costs will increase in light of this.
My father has urged me to use his lawyers for conveyancing in Poplar. Should I use them?
Much as we are happy to recommend a Poplar conveyancing lawyer the ideal way to select a conveyancing solicitor is to get referrals from friends or relatives who have previously instructed the firm that you are are thinking of instructing.
I am an executor of my recently deceased mother’s Will, with a house in Poplar which will be marketed. The property is unregistered at HMLR and I'm advised that some buyers solicitors will insist that it is completed before they'll move forward. What's the mechanism for this?
In the circumstances you refer to it seems sensible to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.