My partner and I are getting closer to an exchange on a house in Sydenham and my mum and dad have transferred the exchange deposit to my conveyancer. I am now told that as the deposit has not arrived from me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform 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 mortgage, so is it really necessary for this now to be an issue?
Your property lawyer is obliged to check with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
We note that you have a post code search directory identifying law firms on the Bank of Ireland conveyancing panel. Do companies pay you a referral fee if I appoint them for our conveyancing in Sydenham?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Sydenham.
Please explain the implications if my lawyer’s firm is removed from the Nationwide Solicitor panel ahead of completing my conveyancing in Sydenham?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I understand that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when buying a property in Sydenham? or I am told that there is a law dating back centuries that could mean that homeowners residing in a parish church boundary will be compelled to contribute towards maintenance to the chancel in proximity to the church. Is this suitable for conveyancing in Sydenham?
Unless a prior purchase of the premises completed post 12 October 2013 you could take it that lawyers carrying out conveyancing in Sydenham to remain encouraging a chancel search and or chancel repair liability policy.
How does conveyancing in Sydenham differ for new build properties?
Most buyers of new build property in Sydenham approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Sydenham tend to purchase the site, 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 Sydenham or who has acted in the same development.