I am buying an apartment in Burford. My Solicitor has never been on on the bank conveyancing list. Am I still permitted to retain my Burford conveyancing solicitor even though they are excluded from the bank list of approved lawyers?
Various options include
- Carry on with your existing Burford conveyancer but your lender will no doubt retain a property lawyer on their approved list. This will result in additional cost together with probable delay.
- Choose a new property lawyer to act in the purchase, ensuring that they are on the bank conveyancing panel.
- Convince your lawyer to apply to join the lender panel
All was ready to move into my new home in Burford next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not unique to conveyancing in Burford.
In what way does my ID and proof of funds have anything to do with my conveyancing in Burford? What am I being asked for?
Burford conveyancing solicitors and indeed property practitioners accross the UK have a duty under money laundering regulations to check the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no older than three months).
Confirmation of the origin of funds is also necessary in compliance with the money laundering laws as lawyers have a duty to ensure that the money you are utilising to buy a property (be it the exchange deposit or the total purchase amount if you are a cash purchaser) has come from legitimate source (such as an inheritance) and is not the product of illegitimate activity.
Is there a list of Santander panel solicitors in Burford on the Building Society Association’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 viewable online. Where you are seeking to appoint a Burford property lawyer on the Santander please make the most of our facility.
We had selected conveyancing lawyers with offices in Burford on the Clydesdale solicitor approved list. They have just billed me a separate amount for the legal aspects of the Clydesdale mortgage. Is this an additional conveyancing fee specified by Clydesdale?
Provided it is contained in their Terms of Engagement or Quote then yes your property lawyer is entitled to charge a fee for this. The fee is not set by Clydesdale but by your Burford solicitor. Some firms on the Clydesdale panel will levy an ‘acting for lender’ fee but plenty of practices include it on their overall fee.
I have decided to exercise my right to buy my property in Burford off the council. I have a mortgage agreed with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in Burford I like with amenity areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Burford suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the shortness of the lease may be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
Can you please clarify what my options are if my Burford conveyancing searches reveals adverse entries?
Normally, almost all problems that arise in Burford conveyancing search results can be handled before completion or indemnity insurance can be put in place. It is crucial to note that although you are buying the property and may be content to accept the search results, your mortgage lender may not, and ultimately the decision rests with them.