What does my ID and proof of funds have anything to do with my conveyancing in Bedwas? Why is this being asked of me?
Bedwas conveyancing solicitors and indeed property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement no more than three months).
Confirmation of source of monies is also necessary under the money laundering laws as solicitors are mandated to investigate that the money you are utilising to acquire a property (be it the exchange deposit or the total purchase monies if you are buying mortgage free) has come from an acceptable source (such as employment savings) as opposed to the fruits of criminal activity.
Do I need to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Bedwas so that I can attend their offices if required.
As opposed to ten years ago, the vast majority lenders no longer oblige their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to supply identification documents and there are still manifest advantages to using a local practitioner, in your case a conveyancing solicitor in Bedwas.
Will my solicitor be making enquiries about flooding during the conveyancing in Bedwas.
The risk of flooding is if increasing concern for lawyers dealing with homes in Bedwas. There are those who buy a property in Bedwas, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a number of searches that may be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Bedwas. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to determine if the premises has ever been flooded. If the residence has been flooded in past and is not disclosed by the vendor, then a buyer may commence a claim for damages resulting from an incorrect reply. A buyer’s solicitors may also order an environmental report. This should reveal whether there is a recorded flood risk. If so, further investigations should be carried out.
How does conveyancing in Bedwas differ for newly converted properties?
Most buyers of new build residence in Bedwas approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Bedwas tend to buy 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 conveyancing solicitors 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 Bedwas or who has acted in the same development.
Taking into account that I will soon spend over three hundred thousand on a terraced house in Bedwas I wish to have a conversation with the lawyer concerning thehome move before appointing the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you speaking to the solicitor due to be conducting your conveyancing in Bedwas.There is no ‘factory style conveyancing’ - each client is an important person, not a matter number. The law firms that we put you in touch with believe that the figure you are provided with for residential conveyancing in Bedwas should be the amount on the final invoice that you are charged.
I am purchasing a house with all finances in place. My lawyer has been supplied with with 2 distinct forms of photo ID, bank statement, multiple utility bills. Now he needs a copy from a probate lawyer stating that the funds are legitimate and that it has come from inheritance and not via illegitimate means.
In today’s world you will not be able to complete any Bedwas 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. Proof of your source of funds is required under Money Laundering laws.