My fiance and I are hoping to acquire a home in Colsterworth and are in fact using a Colsterworth conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Virgin Money have this morning contacted us to inform me that there is now an issue as our Colsterworth conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Colsterworth lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Colsterworth? Why is this being asked of me?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Colsterworth. However these days you will not be able to proceed with any conveyancing transaction without first handing over proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a bank statement. Please note that if you are supplying your driving licence as evidence of identification it needs to be both the paper section as well as the photo card part, one is not sufficient in the absence of the other.
Proof of the source of funds is mandated under Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer must have this information on file. Your Colsterworth conveyancing lawyer will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they will also ask further questions regarding the source of funds.
How does conveyancing in Colsterworth differ for new build properties?
Most buyers of new build or newly converted property in Colsterworth approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because developers in Colsterworth tend to purchase 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 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 used to new build conveyancing in Colsterworth or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Colsterworth ahead of retaining solicitors. I have been told that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies will not give a mortgage on this type of premises.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Colsterworth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Colsterworth to see if the conveyancing will be more expensive.
I need to appoint a conveyancing solicitor for residential conveyancing in Colsterworth. I have stumble across a web site which appears to be the perfect solution If it is possible to get all this stuff done via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
All being well we will complete the disposal of our £125,000 flat in Colsterworth on Friday in a week. The landlords agents has quoted £384 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Colsterworth?
For the majority of leasehold sales in Colsterworth conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing pre-exchange enquiries
Where consent is required before sale in Colsterworth
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Colsterworth - Sample of Queries before buying
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Is the freehold reversion owned collectively by the leaseholders? Best to be warned whether redecorating or some other major work is due shortly that will be shared by the leaseholders and will dramatically impact the level of the service costs or necessitate a specific invoice.