My solicitor has uncovered a defect with the lease for the property we are purchasing in Bankside. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must check that the bank is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Bankside? Is this really warranted?
Bankside conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Evidence of the origin of monies is also necessary under the money laundering statutes as lawyers are required to investigate that the monies you are using to purchase a property (whether it be the deposit for exchange or the full purchase monies where you are a cash purchaser) has come from legitimate source (such as an inheritance) as opposed to the product of criminal behaviour.
I used Stirling Law a few years ago for my conveyancing in Bankside. I now require my papers however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bankside of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Bankside differ for new build properties?
Most buyers of new build premises in Bankside contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because builders in Bankside typically purchase the real estate, 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 accustomed to new build conveyancing in Bankside or who has acted in the same development.
I was pointed in your direction by three or four local estate agents in Bankside to locate a property lawyer using your seach tool. What’s the financial inducement for Estate Agents to promote your services ahead of another?
We refuse to offer any referral fee for sending work in our direction. We found it would be just too difficult a fee because a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
Can you set examples of specific benefits to selecting a local conveyancing practitioner in Bankside
Plenty of house movers in Bankside select a nearby high street property lawyer so that they can visit if they have questions, and to collect documents rather taking the chance of relying on the post.
There is a marginal edge when selecting a solicitor local to the property you are planning to purchase, due to the in-depth knowledge of the region and potential local concerns - however this is debatable. Many conveyancers conduct their work over the internet and could be almost anywhere.