My husband and I are getting closer to an exchange on a property in Stratford and my mum and dad have transferred the exchange deposit to my conveyancer. I am now advised that as the deposit has not come from me my lawyer needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender about my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your solicitor is obliged to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Having sold my house in Stratford last October but the buyer keeps texting me to say her solicitor is waiting to hear from mine. What should have happened now that I have sold?
After completion of your house sale your conveyancer is duty bound to forward the transfer deeds and all of the paperwork to the buyer’s solicitors. If applicable, your conveyancer should also confirm that the mortgage has been repaid to the buyers conveyancers. There is unlikely to be post completion steps specific conveyancing in Stratford.
The Stratford conveyancing firm that I appointed last week on my house acquisition in Stratford have suddenly closed. I chose them because I had to have a solicitor on the RBS conveyancing panel and my family Stratford lawyer was not. I issued them a cheque for £250 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the RBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
My lawyer has informed me that defective lease insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Stratford?
The right level of defective lease indemnity insurance depends on who your lender is. It would differ for example between Barclays and Virgin Money. Conveyancing lawyers as opposed to members of the public take out such policies.
We had chosen solicitors located in Stratford on the HSBC solicitor panel. They are now charging me an additional fee for the legal aspects of the HSBC mortgage. Is this a supplemental conveyancing fee specified by HSBC?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your property lawyer can charge a fee for this. This charge is not set by HSBC but by your Stratford conveyancer. Numerous firms on the HSBC panel will charge an ‘acting for lender’ fee but plenty of practices incorporate it on their overall fee.
I have decided to exercise my right to buy my property in Stratford off the council. I have a mortgage offer with Skipton. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
I am purchasing a new build house in Stratford with a mortgage from Santander. The sellers refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my conveyancer about the deal as it would put at risk my mortgage with Santander. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Stratford I like with a park and railway links in the vicinity, however it's only got 51 years on the lease. There is not much else in Stratford for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.