Our Conveyancing in Lewisham team at Fridaysmove has experienced difficulties when dealing with purchase transactions in which there are restrictions on the property in favour of the existing lender(s).
A word of caution for buyers; when examining the land register documentation for your new property, your Conveyancing Solicitor will raise queries if there are restrictions in favour of an existing lender(s) as this can sometimes prohibit a transfer from occurring depending on the details of the restriction.
This was of particular concern for Property Lawyer Gemma Farguson, who handled the purchase Conveyancing for a home on Devonshire Road, Forest Hill, Lewisham, SE23 in March 2010.
The residence, valued at £253 500, was found to have more than one mortgage when Gemma consulted the official documentation. The purchasers insisted that queries be made to ensure that the owners would be able to discharge these mortgages from the property. If the owners were in negative equity (mortgage amount greater than house value) this would pose difficulties. Gemma ensured that this was not a concern, which was a great relief to her clients.
The local authority for the residence is Lewisham council borough. As a standard part of the Conveyancing process, your Conveyancing Solicitor will carry out a local area search which can be done by consulting the council for information and answers to queries. Residents seeking additional information can consult the council website – www.lewisham.gov.uk .
Despite the issue of the two registered mortgages, Gemma and her clients were satisfied with all other aspects of the transaction which progressed without any major concerns. The seller’s Conveyancing Solicitor was very cooperative and teamwork facilitated stress free negotiations for all the parties involved.
The seller’s Conveyancing Solicitor was the Davenport Lyons branch located in Forest Hill, Lewisham, SE23.
The particulars of sale, including detailed Conveyancing reports were sent by the agent. The estate agent for the property was Robert Stanford at Rayford House, 2A Dartmouth Road, Forest Hill, Lewisham SE23 3XU.
This Conveyancing in Lewisham transaction was successful thanks to the expertise and experience of the Solicitors and agent.