My wife and I are nearing an exchange on a house in Arnold and my mum and dad have transferred the 10% deposit to my lawyer. I am now advised that as the deposit has not arrived from me my conveyancer needs to make a notification to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the bank concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The conveyancer is legally required to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Arnold? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Arnold conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account evidencing where you live.
In accordance with Money Laundering Regulations, property lawyers are obliged by law to ascertain not simply the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
My Conveyancer in Arnold is not on the Halifax Solicitor Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are not on the Halifax list of approved lawyers?
The limited options open to you here include:
- Carry on with your preferred Arnold solicitors but Halifax will need to retain a conveyancer on their panel. This will inevitably rack up the total legal fees as well as result in delays.
- Get an alternative practitioner to act in the conveyancing, remembering to check they are Halifax approved.
- Persuade your Halifax solicitor to seek to join the Halifax panel
A friend recommended that where I am buying in Arnold I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Arnold conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Arnold around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data about Arnold.
Due to the advice of my in-laws I had a survey completed on a house in Arnold in advance of retaining lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies may refuse to give a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Arnold. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Arnold to see if the conveyancing costs will increase in light of this.
I need to find a conveyancing solicitor for sale conveyancing in Arnold. I have chance upon a site which appears to be the perfect answer If there is a chance to get all this stuff done via phone that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?