I am due to exchange on the purchase of a house in Cockfosters but as a result of wreckage from the recent storms I have was able negotiate recompense from the seller of three thousand pounds by way of a adjustment in the price. I had intended this to be dealt with as part of the conveyancing process but Aldermore are not allowing this. Should they have been notified?
Any conveyancing practitioner being on the Aldermore approved list is required to disclose to Aldermore of any changes to the purchase price. If you prohibit your conveyancing practitioner to notify the reduction to Aldermore then they would have to discontinue acting for you. In addition, Aldermore and you would have to appoint a new conveyancer for your conveyancing in Cockfosters.
In what way does my ID and proof of funds have anything to do with my conveyancing in Cockfosters? What am I being asked for?
Cockfosters conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to check the ID 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 proof of address (typically a Bank Statement less than 3 months old).
Proof of the origin of monies is also necessary under the money laundering statutes as solicitors are mandated to investigate that the money you are using to acquire a property (whether it be the deposit for exchange or the full purchase price if you are a cash purchaser) has originated from a reputable source (such as employment savings) rather than the proceeds of illegitimate behaviour.
We wanted to use a property lawyer in Cockfosters for our house purchase. Our financial adviser informed us that our mortgage company The Royal Bank of Scotland won't deal with them. Why is this not regarded as unfair competition?
Lenders on the whole imposes restrictions either the category or the amount of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the profile of firm, some have decided to limit the number of firms they use to act for them. Be aware that The Royal Bank of Scotland have no responsibility for the quality of advice provided by any member of The Royal Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels a few years ago even though there are mixed views regarding the level of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that thousands of law firms, including some in or near Cockfosters only carry out very few conveyances per annum.
This question may be naive but I am unexperienced as FTB of a two bedroom flat in Cockfosters. Do I receive the keys to the premises on completion from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Cockfosters?
On the day of completion you do not need to go to the conveyancers office in Cockfosters. Conveyancing lawyers for you will arrange to send the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you should be called to collect the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
When it comes to mortgage companies such as Principality, do Cockfosters conveyancers have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Last month we had a mortgage agreed in principle with Nationwide. Cockfosters conveyancing lawyers were chosen. How long does it take for Nationwide to forward the offer to the conveyancer?
Some lenders take longer than others. Have Nationwide done the survey? Have you informed Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Should our solicitor be raising enquiries regarding flooding as part of the conveyancing in Cockfosters.
The risk of flooding is if increasing concern for solicitors dealing with homes in Cockfosters. Plenty of people will buy a house in Cockfosters, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Cockfosters. The standard property information forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the owner, then a purchaser may bring a claim for damages resulting from an incorrect reply. The buyer’s conveyancers may also order an environmental search. This will reveal if there is any known flood risk. If so, additional inquiries will need to be made.
I am buying my first flat in Cockfosters with a mortgage from Chelsea Building Society. The developers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not disclose to my conveyancer about this extras as it could affect my loan with the lender. Is this normal?.
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.