We are getting closer to an exchange on a flat in Slough and my parents have sent the 10% deposit to my property lawyer. I am now told that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your conveyancer is obliged to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We're in Slough, FTBs purchasing with a mortgage (lender is Coventry BS , and our lawyer is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer 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.
Should my solicitor be making enquiries about flooding as part of the conveyancing in Slough.
Flooding is a growing risk for solicitors conducting conveyancing in Slough. There are those who buy a house in Slough, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a various searches that may be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Slough. The conventional set of property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to determine whether the property has historically flooded. If the premises has been flooded in past and is not disclosed by the seller, then a purchaser could bring a compensation claim stemming from an incorrect answer. The buyer’s conveyancers may also carry out an environmental search. This should higlight if there is any known flood risk. If so, more detailed investigations should be conducted.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Slough I like with a park and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Slough in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan that many years will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I am looking into buying my first house which is in Slough and I am already nervous. I couldn't find anything specific about Slough. Conveyancing will be needed in due course but do you know about the Slough area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Slough. In the meantime here are some basic statistics that we found
Our estate agent has suggested using their conveyancer for my conveyancing in Slough - Surely it’s easier to just use them?
It is worth checking if the estate agent is recommending a conveyancing practitioner or introducing to a property lawyer. There are plenty of Slough estate agents who recommend two or three Slough conveyancing firms and get nothing from it.