I am nearing an exchange on a house in Hornchurch and my parents have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has not come from me my conveyancer needs to make a notification to my bank. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The solicitor is duty bound to check with the bank to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Please help - my lawyer says that lack of planning permission insurance is required on my purchase. What is the level of cover for Hornchurch conveyancing?
The right level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such insurances.
Is it correct that all Hornchurch CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing list of approved firms?
Some major banks and building societies now make use of the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
Is it the case that all Hornchurch solicitor firms on the RBS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the RBS conveyancing panel they would need to be regulated by the SRA. The majority of mortgage companies do allow licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
Should my lawyer be raising questions about flooding during the conveyancing in Hornchurch.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Hornchurch. Some people will buy a property in Hornchurch, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a number of checks that can be initiated by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Hornchurch. The standard information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to find out if the premises has ever been flooded. If the property has been flooded in past which is not disclosed by the seller, then a purchaser may commence a claim for damages as a result of such an incorrect answer. The buyer’s conveyancers should also carry out an enviro report. This will higlight whether there is a recorded flood risk. If so, more detailed investigations should be initiated.
How can the Landlord & Tenant Act 1954 impact my business premises in Hornchurch and how can you help?
The 1954 Act gives protection to commercial leaseholders, giving them the a statutory right to apply to court for a new lease and continue in occupation at the end of an expired lease. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Hornchurch is one of our many areas of the UK in which the firms we work with are located
We have been informed by numerous friends that it may take six to eight weeks for Hornchurch conveyancing to complete.This was four weeks ago. The paperwork was only sent from the vendors conveyancer last week so now does it countdown?
No official countdown exists for conveyancing in Hornchurch, or any area in the UK. You just have to ensure that your finances are in order and in due course the rest will come to you eventually.