All was ready to move into my new home in Clapham and Salph End next Tuesday. 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 lender. What risks does the lender expect the insurance to cover?
Any lawyer on acting for banks 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 requirements. These obligations are not limited to conveyancing in Clapham and Salph End.
What does my ID and proof of funds have anything to do with my conveyancing in Clapham and Salph End? What am I being asked for?
To satisfy the Money Laundering Regulations any Clapham and Salph End conveyancing firm will require proof of identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility account evidencing where you live.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to validate not just the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this may lead to your solicitor cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
We're in Clapham and Salph End, First timers purchasing with a mortgage (lender is Kent Reliance , and our solicitor is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
What is the difference between a licensed conveyancer and conveyancing solicitor in Clapham and Salph End
There are many registered licenced Conveyancers in Clapham and Salph End and Solicitor partnerships in Clapham and Salph End who provide Conveyancing services We would stress that the two are supervised by regulatory bodies with both specialising in the legal work in the home buying process. Both can handle other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
How can we tell if a Clapham and Salph End conveyancing solicitor on the Kent Reliance panel is any good?
When it comes to conveyancing in Clapham and Salph End obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer carrying out your conveyancing.
I was told two weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in Clapham and Salph End is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Clapham and Salph End. Conveyancing is necessary evil 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 conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Clapham and Salph End
-
Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I'm refinancing my existing home to a buy to let loan with Alliance & Leicester and I will use the rest of the raised equity as a down payment on further property. The location we are looking at is Clapham and Salph End. Will your lawyers be able to act for the two banks and tie in the transactions?
Make use of our search tool on this site to ensure that the lawyers are approved by both mortgage companies. Having checked that they are the solicitor will be able to tie up the two conveyancing matters but you should have a chat with you solicitor and communicate your expectations and requirements.