Some advice if I may. My Bermondsey lawyer is assuring me that he is legally obliged toconduct Bermondsey conveyancing searches becausethe firm are on the Virgin Moneyconveyancing panel. Do I not have any say here?
You have limited options available to you. Given that you are taking out a loan with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Bermondsey conveyancing searches.
What does my ID and proof of funds have anything to do with my conveyancing in Bermondsey? What am I being asked for?
Bermondsey conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation 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 supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).
Confirmation of the origin of monies is also necessary in compliance with the money laundering statutes as lawyers are obliged to investigate that the money you are utilising to acquire a property (whether it be the deposit for exchange or the total purchase monies if you are a cash purchaser) has come from an acceptable source (such as an inheritance) rather than the fruits of criminal activity.
My Conveyancer in Bermondsey is not listed on the Bank of Ireland Conveyancing Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are excluded from the Bank of Ireland panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing Bermondsey solicitors but Bank of Ireland will need to instruct a conveyancer on their list of acceptable firms. This will result in additional total conveyancing charges and cause delays.
- Choose a new solicitor to to deal with the purchase, not forgetting to check they are on the Bank of Ireland panel
Can you point me to a directory of Lloyds panel solicitors in Bermondsey on the Council of Mortgage Lender’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. Very few mortgage companies make their panel listings visible on the web. If you are in need of a Bermondsey conveyancer on the Lloyds please make the most of our facility.
We had appointed conveyancers located in Bermondsey on the Principality solicitor panel. They have just invoiced me an additional fee for dealing with the Principality mortgage. Is this an additional conveyancing fee specified by Principality?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your conveyancer is entitled to charge a fee for this. The fee is not set by Principality but by your Bermondsey solicitor. Numerous firms on the Principality panel will quote ’dealing with mortgage’ fee but plenty of practices incorporate it on their overall fee.
I have decided to exercise my right to buy my property in Bermondsey off the council. I have a mortgage offer with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
I'm purchasing my first flat in Bermondsey with a loan from Virgin Money. The developers would not budge the amount so I negotiated £7000 of additionals instead. The sale representative advised me not to tell my lawyer about this deal as it could impact my loan with Virgin Money. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Why can I not complete our conveyancing in Bermondsey on a public holiday?
Because on completion the purchase price needs to be transferred electronically between the banks of the buyer and owner’s property lawyer and at present this can only happen on a business day. So you can't complete on a saturday or sunday either.