I am one month into the sale of my flat in Choppington and the EA has just text me to say that the buyers are switching law firm. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a leading lender only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Choppington ?
Banks have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The 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 Choppington? What am I being asked for?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Choppington. Nowadays you will not be able to complete any conveyancing process in the absence providing proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a council tax bill. Remember if you are supplying your driving licence as proof of identification it must be both the paper part as well as the photo card part, one is not satisfactory without the other.
Verification of the source of funds is required under Money Laundering Regulations. You should not be offended when you are asked to produce this as your lawyer must have this information on file. Your Choppington conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any funds from you into their client account and they should also ask further questions regarding the origin of funds.
I am buying a flat and require a conveyancing solicitor in Choppington who is on the National Westminster Bank solicitor. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for National Westminster Bank in certain locations such as Choppington. We dont recommend any particular firm.
How does conveyancing in Choppington differ for newly converted properties?
Most buyers of new build or newly converted property in Choppington come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because developers in Choppington tend to acquire the site, 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 Choppington or who has acted in the same development.
Am I right to be concerned by brokers that I am dealing with are suggesting a national conveyancing firm rather than a local Choppington conveyancing company?
As with lots of service providers, often referrals from relatives can be worth their weight in gold. Yet there are numerous players in a conveyancing deal; estate agents, mortgage brokers and lenders might all put forward solicitors to use. On occasion the solicitors might be known to one of the organisations as being good in their field, but occasionally there may be a financial incentive behind the endorsement. You have the right to choose your own conveyancer. You need to be aware that the majority of lenders operate an approved list of conveyancers you must use for the mortgage related work in your conveyancing.
My folks are experiencing difficulties in finding their Choppington property on the HMLR website. They recall that 48 years ago when they acquired the bungalow there were complications regarding the address not being recognised in some systems.
Almost all premises in Choppington should be revealed. Have you tried a search to simply the postcode. Normally it should identify all the premises within that postcode. Assuming the property is registered it will be there with a title number. If they bought 48 years ago it's conceivable it may be unrecorded. The property might still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title papers which may be with your parent’s bank.