I am nearing exchange of contracts for my apartment in Didsbury and the EA has just e-mailed to advise that the purchasers are swapping property lawyer. The excuse is that the bank will only work with solicitors on their conveyancing panel. Why would a leading lender only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Didsbury ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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. Plenty of firms 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. Your buyers are unlikely to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Didsbury? 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 Didsbury. Nowadays you can not proceed with any conveyancing process without first submitting proof of your identity. This usually takes the form of a either your passport or driving licence and a council tax bill. Please note that if you are supplying your driving licence as evidence of ID it needs to be both the paper part and photo card part, one is not acceptable in the absence of the other.
Evidence of your origin of monies is necessary in accordance with the Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancer must have this information on record. Your Didsbury conveyancing solicitor will require evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask further questions concerning the source of funds.
I am looking to buy a flat and need a conveyancing solicitor in Didsbury who is on the Virgin Money solicitor. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Virgin Money in certain locations such as Didsbury. We dont recommend any particular firm.
4 months have gone by following my purchase conveyancing in Didsbury concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 property 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.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Didsbury I like with open areas and transport links nearby, however it only has 52 remaining years left on the lease. There is not much else in Didsbury suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the shortness of the lease will be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
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At this site obtain a fixed fee quote from a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Didsbury. As opposed to estate agents and many comparison sites we are not in the business of charging firms a commission if you choose them for your conveyancing in Didsbury