I am nearing exchange of contracts for my flat in Corfe Mullen and the EA has just called to advise that the buyers are swapping property lawyer. The reason given is that the mortgage company will only deal with solicitors on their approved list. On what basis would a leading lender only work with certain law firms rather the firm that they want to appoint for their conveyancing in Corfe Mullen ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. 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 being contacted daily by practices 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 buyers are not going to have any sway in the decision.
Me and my partner are acquiring our first house. The lawyer has calledto see if we wish to take out extra conveyancing searches. Frankly we are clueless as to what's needed for conveyancing in Corfe Mullen
The range of Corfe Mullen conveyancing searches depends primarily on the premises, the location, the likelihood of any of these risks, your familiarity of the region and risks, your general appetite to risk. What is important is that you adequately comprehend what information the searches could supply. Then you can decide if you consider that you need that search. Should you be unclear, ask your lawyer to guide you.
What does my ID and proof of funds have anything to do with my conveyancing in Corfe Mullen? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Corfe Mullen conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you live.
Under Money Laundering Regulations, conveyancers are obliged by law to check not only the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I have justdiscovered that Wolstenholmes have been shut down. They carried out my conveyancing in Corfe Mullen for a purchase of a leasehold flat 10 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The quickest way to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Corfe Mullen conveyancing specialists.
I am buying a new build flat in Corfe Mullen. Conveyancing is a frightening process 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 few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Corfe Mullen
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
Please can you explain what my options are where my Corfe Mullen conveyancing searches shows negative entries?
Usually, almost all concerns that arise in Corfe Mullen conveyancing search results can be dealt with ahead of completion or indemnity insurance may be put in place. It is important to note that regardless of the fact that you are buying the premises and might be willing to live with the search results, your mortgage lender may not, and when all said and done have the final decision.