I plan on purchasing an apartment in Bishops Castle. My Solicitor has never been on on the bank conveyancing list. Am I still permitted to appoint my Bishops Castle conveyancing solicitor notwithstanding that they are not on the mortgage company panel?
One will need to instruct a conveyancing practitioner to complete the formalities if you need a mortgage to purchase your property. They will conduct all the relevant legal checks on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage paperwork is in place. You may instruct a Bishops Castle conveyancer of your choosing. Nevertheless, if the lawyer appointed is not a member of the bank approved list further charges will be incurred as separate legal representation will be need by the mortgage company. Lender panel applications can be submitted, so if your lawyer has not historically sought membership they can do so.
I am nearing an exchange on a flat in Bishops Castle and my mum and dad have transferred the 10% deposit to my solicitor. I am now told that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your property lawyer is legally required to clarify with lender to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Bishops Castle? What am I being asked for?
To satisfy the Money Laundering Regulations any Bishops Castle conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are duty bound to ascertain not just the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this may result in your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
My bank has suggested solicitors on their panel based in Bishops Castle but I would rather instruct a conveyancing lawyer in Bishops Castle local to me. Are you able to assist?
Far from all Bishops Castle conveyancing practices are approved and listed on all banks conveyancing panel. Please make use of our find an approved solicitor tool to identify a Bishops Castle conveyancing solicitor on the on the lender panel.
How does conveyancing in Bishops Castle differ for newly converted properties?
Most buyers of new build property in Bishops Castle contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Bishops Castle usually acquire 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 conveyancers 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 Bishops Castle or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a quick, chain free conveyancing. Bishops Castle is the location of the property. Can you shed any light on this issue?
Flying freeholds in Bishops Castle 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 Bishops Castle you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bishops Castle 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.