I am not well enough to travel far from Beeston. Is there a reason why all Beeston conveyancing practitioners aren't included on all lender panels?
Mortgage companies point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. This led to mortgage companies purging a number of firms off their panel of approved conveyancing practitioners .
In what way does my ID and proof of funds have anything to do with my conveyancing in Beeston? Is this really necessary?
Beeston conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to verify the ID 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 identification; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Confirmation of the origin of funds is also required under the money laundering regulations as lawyers have a duty to ensure that the funds you are using to buy a property (whether it be the deposit for exchange or the full purchase monies where you are buying mortgage free) has come from legitimate source (such as employment savings) rather than the proceeds of criminal behaviour.
I'm the single beneficiary of my late mum's estate and I have everything in my name alone, including the my former home in Beeston. Conveyancing formalities meant that the Land Registry date was in October. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my proprietorship may be treated the same way as though I had purchased the house in October. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How practical a view lenders take of it, depend on the bank as this requirement chiefly exists to capture subsales or the flipping of property.
Is it correct that all Beeston CQS (Conveyancing Quality Scheme) solicitors are on the Kent Reliance conveyancing list of approved solicitors?
Some major lenders now use CQS as the kick off point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
I am due to exchange contracts on my house. I had a double glazing fitted in December 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Coventry BS are being pedantic. The Beeston solicitor who is on the Coventry BS conveyancing panel is saying indemnity insurance will be fine but Coventry BS are requiring a building regulation certificate. Why do Coventry BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Coventry BS have referred the matter to their valuer. The reason why Coventry BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Beeston differ for new build properties?
Most buyers of new build or newly converted property in Beeston contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Beeston typically buy the land, 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 used to new build conveyancing in Beeston or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one close by in Beeston I like with open areas and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Beeston for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the shortness of the lease may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I'm refinancing my existing property to a buy to let loan with Barnsley Building Society and I will use the ballance of the raised equity towards further property. The neighborhood we are talking about is Beeston. Will your lawyers be able to act for the two mortgage companies and tie in the two deals?
Do use our comparison tool on this site to ensure that the lawyers are on the appropriate lender panels. Having checked that they are the solicitor should be able to tie up the two conveyancing matters but you should talk with you solicitor and make clear your expectations and requirements.