I am nearing exchange of contracts for my apartment in Beadnell and the EA has just text me to say that the purchasers are swapping law firm. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. Why would a big named lender only engage with specific solicitors rather the firm that they want to select for their conveyancing in Beadnell ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Beadnell? Is this really warranted?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Beadnell. Nowadays you will not be able to proceed with any conveyancing process in the absence supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Remember if you are supplying your driving licence as evidence of ID it needs to be both the paper section as well as the photo card part, one is not sufficient without the other.
Proof of the source of monies is mandated under Money Laundering Regulations. You should not be offended when you are asked to produce this as your lawyer must have this information on file. Your Beadnell conveyancing solicitor will require evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask additional questions concerning the origin of monies.
Is it correct that all Beadnell CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing panel?
A selection of banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
My fiancee and I are spending time viewing apartments in Beadnell and I am about to put in an offer. Is it sensible to have my property lawyer on ‘stand by’? I intend to finance via a mortgage with Coventry BS.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are obtaining a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.
I recently had an offer agreed on an apartment in Beadnell. My mortgage broker pressured me to appoint their lawyer. I paid an advanced payment of £225. Not long after, the conveyancing practitioner contacted me sheepishly admitting that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
My partner and I are selling our property in Beadnell and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any local conveyancer would know that there is no such problem. It does beg the question why the purchasers are using an online conveyancing outfit as opposed to a conveyancing solicitor in Beadnell. Having lived in Beadnell for many years we know of no issue. Is it a good idea to contact our local Authority to get clarification need.
It would appear that you have a conveyancing firm already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a simple, chain free conveyancing. Beadnell is where the house is located. Can you shed any light on this issue?
Flying freeholds in Beadnell are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Beadnell you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Beadnell may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am buying a maisonette and cash is in place. My solicitor has been given with two separate forms of photographic identification, bank statement, multiple utility bills. Now he requires a copy from a probate lawyer acknowledging that the funds are legitimate and that it has come from inheritance and not selling fake watches.
In today’s world you will not be able to complete any Beadnell conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Establishing of your source of funds is required under Money Laundering Regulations.