My wife and I are getting closer to an exchange on a house in Winchmore Hill and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my mortgage company. I am advised that, 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 advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor is duty bound to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Winchmore Hill? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identification documents of the potential client they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign should stipulate this. Your lender will also require certain documents to be viewed. If you are unwilling to supply ID verification documents, your solicitor would not be able to act for you.
We are buying a house and the solicitor has referenced Chancel Repair to which the house could be liable because it falls into the area of such a church. He has mentioned insurance. Is this really warranted for conveyancing in Winchmore Hill
Unless a prior purchase of the premises took place post 12 October 2013 you may assume that conveyancing practitioners conducting conveyancing in Winchmore Hill to remain recommending a chancel search and or insurance against a claim.
How does conveyancing in Winchmore Hill differ for newly converted properties?
Most buyers of new build premises in Winchmore Hill contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Winchmore Hill typically buy the real estate, 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 used to new build conveyancing in Winchmore Hill or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Winchmore Hill I like with open areas and railway links nearby, however it only has 49 years unexpired on the lease. There is not much else in Winchmore Hill in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I'm converting the mortgage on my current home to a buy to let loan with Lloyds TSB Bank and I will use the ballance of the raised equity as a deposit on further house. The neighborhood we are interested in is Winchmore Hill. Will your solicitors be able to act for both sets of mortgage companies and link together the transactions?
Do use our search tool on this page to ensure that the solicitors are on the relevant lender panels. On the basis that they are your lawyer should be able to tie up the two deals but you should have a chat with you solicitor and make clear your desired outcome and requirements.