We are getting closer to an exchange on a property in Redbridge and my mum and dad have sent the 10% deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my lawyer needs to disclose this to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The lawyer is obliged to clarify 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 reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
The Redbridge conveyancing lawyers that I recently instructed on my house acquisition in Redbridge have without warning closed. They were on acting for me because I needed a firm on the Clydesdale conveyancing panel and my previous Redbridge lawyer was not. I gave my credit card details for them to take £195 for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Clydesdale 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 help.
It has been 4 months following my purchase conveyancing in Redbridge concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a leasehold apartment up to £235,500 and identified one round the corner in Redbridge I like with open areas and transport links nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Redbridge for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
In scouring the web for the words conveyancing in Redbridge it shows results of numerous conveyancersin the vicinity. With so much choice what is the best way to find the suitable property lawyer for purchase transaction?
The preferential way of choosing the right conveyancer is via trusted testimonial, so enquire of friends and family who have bought a property in Redbridge or the local estate agent or mortgage broker. Costs for conveyancing in Redbridge vary, so it's a good idea to request a minimum of four estimates from different companies. Dont forget to clarify that the fees are fixed.