I am nearing exchange of contracts for my house in Belford and the estate agent has just called to advise that the buyers are appointing a new solicitor. I am told that this is due to the fact that the lender will only deal with solicitors on their conveyancing panel. Why would a major lender only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Belford ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms 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. Your 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 Belford? What am I being asked for?
In order to comply with Money Laundering Regulations any Belford conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to ascertain not simply the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I am considering applying for a Santander mortgage for purchase of a new build (under development) in Belford with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Are there restrictive covenants that are commonly identified during conveyancing in Belford?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Belford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build flat in Belford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Belford
-
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
How do I identify a Belford solicitor on the Halifax conveyancing panel? I am a keen cyclist and am willing to travel upto 10miles to meet the conveyancer.
Feel free to make use of the tool on this page. Please select a mortgage company and your location and you will see a number of Belford conveyancing lawyers based on proximity. We have listed some Belford conveyancing firms towards the end of this page and you can ring them to verify whether they are on the Halifax panel