What does my ID and proof of funds have anything to do with my conveyancing in Cumberland? Is this really warranted?
To satisfy the Money Laundering Regulations any Cumberland conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, property lawyers are obliged by law to validate not only the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
In researching consumer advice sites for a high-quality solicitor in Cumberland, many post that I should use a CQS assured solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in the legal transfer of properties, trusted by some of the UK's leading mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). The scheme does not cover licenced conveyancers. Cumberland is one of the numerous areas in England and Wales where there are Accredited lawyers.
It has been five months since my purchase conveyancing in Cumberland took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Cumberland. Conveyancing is daunting 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 legal work.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Cumberland
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants.
Are there any apps to help identify a Cumberland solicitor on the Leeds Building Society conveyancing panel? I drive a motor bike and am prepared to travel upto 10kilometers to meet the solicitor.
You can use the facility on this page. Please choose the mortgage company and your location and you will see a number of Cumberland conveyancing lawyers based on proximity. We have listed some Cumberland conveyancing firms at the bottom of this page and you can ring them to check whether they are on the Leeds Building Society panel
My partner and I soon to complete on the purchase a property in Cumberland but as a consequence of damage from the recent storms I have agreed compensation from the current proprietors of £2k taking the form of a deduction in the price. This was going to be dealt with as part of the conveyancing process however my mortgage company will not permit this. Should they have been involved?
Your lawyer listed on a bank conveyancing panel is required to advise the bank of any amendments to the sale price. If you prohibit your property lawyer to notify the price change to your mortgage company then they would need to refrain from representing you and the lender.