My partner and I are nearing an exchange on a flat in Great Baddow and my mum and dad have sent the 10% deposit to my solicitor. I am now informed that as the deposit has not come from me my solicitor needs to make a notification to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your solicitor is legally required to clarify with lender to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Great Baddow is more expensive?
Great Baddow leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My wife and I are downsizing from our home in Great Baddow and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any high street Great Baddow lawyer would know this is not the case. It does beg the question why the buyers used a web based conveyancing practice rather than a conveyancing solicitor in Great Baddow. Having lived in Great Baddow for six years we know of no issue. Is it a good idea to contact our local Authority to seek confirmation that there is no issue.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
How does conveyancing in Great Baddow differ for newly converted properties?
Most buyers of new build residence in Great Baddow approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Great Baddow typically buy 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 used to new build conveyancing in Great Baddow or who has acted in the same development.
Should I instruct a Great Baddow conveyancing lawyer in close proximity to the house I am buying? An old friend can deal with the legal formalities however they are based 300kilometers drive away.
The primary upside of using a high street Great Baddow conveyancing firm is that you can pop in to sign paperwork, deliver your ID and pester them if necessary. They will also have local intelligence which is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and the majority were impressed that should surpass using an unfamiliar Great Baddow conveyancing solicitor just because they are local.