My husband and I are buying a new build apartment in Dorking and my conveyancer is advising me that she has to the mortgage company to reveal incentives from the builder. I am under pressure to exchange and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in Dorking? What am I being asked for?
To satisfy the Money Laundering Regulations any Dorking conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to ascertain not just the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will lead to your conveyancer terminating 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 appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
I happen to be the sole beneficiary of my late father’s will and I have everything in my name now, including the house in Dorking. The Dorking property was put into my name in July. I plan to dispose of the property. I do know about the CML 6 month 'rule', meaning my property ownership will be considered the same way as if I'd bought the house in July. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. Most banks would take a practical view as this provision principally exists to capture subsales or the wholesaling and assigning of property.
About to purchase maisonette in Dorking. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Dorking lawyer is on the Co-operative conveyancing panel.
Co-operative have agreed my mortgage in principle, my offer on a flat in Dorking has been accepted, what are the next steps?
Your property agent will need to know who your solicitors are (ensure that the conveyancers are on the lender’s approved list). Call up Co-operative or your financial adviser and finish off any appropriate paperwork. Co-operative will appoint a valuer who will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Co-operative will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Dorking.
Will commercial conveyancing searches disclose planned roadworks that could affect a commercial land in Dorking?
Its becoming the norm that commercial conveyancing solicitors in Dorking will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Dorking. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Dorking.
For every commercial conveyancing transaction in Dorking it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may cause delays to Dorking commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Dorking.
The deeds to my house can not be found. The solicitors who did the conveyancing in Dorking 5 years ago are no longer around. Will I be able to sell the house?
Gone are the days when you need to hold title deeds to establish that you are the registered proprietor of land or property, given that the Land Registry hold details of all registered land or property electronically.
Due to the advice of my in-laws I had a survey completed on a house in Dorking ahead of retaining solicitors. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some lenders will refuse to give a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different instructions from Nationwide. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Dorking. Conveyancing will be smoother if you use a solicitor in Dorking especially if they are familiar with such properties in Dorking.