I am approaching an exchange on a property in Crystal Palace and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has not arrived from me my property lawyer needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
The property lawyer is duty bound to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Are the BSA planning on creating a searchable register to to identify solicitors on the Earl Shilton BS conveyancing panel for instance in Crystal Palace?
We are not aware of any intention on the part of the BSA to develop such a register.
Should our conveyancer be making enquiries concerning flooding during the conveyancing in Crystal Palace.
The risk of flooding is if increasing concern for solicitors dealing with homes in Crystal Palace. There are those who acquire a house in Crystal Palace, completely expectant 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 get a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a number of checks that can be undertaken by the purchaser or on a buyer’s behalf which should figure out the risks in Crystal Palace. The conventional set of property information forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to discover whether the property has historically flooded. In the event that flooding has previously occurred and is not disclosed by the seller, then a purchaser could bring a legal claim for losses resulting from an incorrect reply. The purchaser’s lawyers may also conduct an environmental search. This should disclose if there is any known flood risk. If so, more detailed inquiries will need to be conducted.
How does conveyancing in Crystal Palace differ for new build properties?
Most buyers of new build property in Crystal Palace contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Crystal Palace typically purchase the land, 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 property lawyers 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 accustomed to new build conveyancing in Crystal Palace or who has acted in the same development.
My father has encouraged me to instruct his lawyers for conveyancing in Crystal Palace. Should I use them?
Much as we are happy to recommend a Crystal Palace conveyancing lawyer it’s preferable to find a conveyancing practitioner is to seek recommendations from friends or family who have previously instructed the solicitor that you are are thinking of instructing.