My wife and I are approaching an exchange on a property in Goodmayes and my parents have sent the ten percent deposit to my property lawyer. I am now advised that as the deposit has not come from me my property lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
Your solicitor is obliged to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Should my conveyancer be raising enquiries concerning flooding as part of the conveyancing in Goodmayes.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Goodmayes. Some people will purchase a house in Goodmayes, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a numerous 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 Goodmayes. The standard completed inquiry forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to determine whether the property has historically flooded. In the event that the premises has been flooded in past which is not revealed by the owner, then a buyer may commence a compensation claim stemming from an misleading answer. The buyer’s conveyancers should also conduct an environmental search. This should disclose whether there is any known flood risk. If so, additional inquiries should be conducted.
I have todaybecome aware that Wolstenholmes have closed. They carried out my conveyancing in Goodmayes for a purchase of a leasehold flat 9 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The quickest way to check if the premises is in your name, you can carry out 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 Goodmayes conveyancing specialists.
I am looking for a flat up to £305k and identified one round the corner in Goodmayes I like with open areas and railway links nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Goodmayes in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Is it best to go with a Goodmayes conveyancing solicitor who is local to the property I am hoping to buy? An old friend can deal with the conveyancing but they are based approximately 350miles drive away.
The primary upside of using a local Goodmayes conveyancing firm is that you can pop in to execute paperwork, present your ID and pester them where appropriate. Having local Goodmayes know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and they were happy that must trump using an unfamiliar Goodmayes conveyancing solicitor solely due to them being round the corner.