I am nearing exchange of contracts for my house in Downton and the estate agent has just called to warn that the purchasers are swapping solicitor. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. Why would a big named lender only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Downton ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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 purchasers are unlikely to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Downton? Is this really necessary?
Downton conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement no older than three months).
Confirmation of source of monies is also necessary under the money laundering regulations as conveyancers are duty bound to investigate that the money you are using to buy a property (be it the exchange deposit or the full purchase price where you are buying mortgage free) has come from a reputable source (such as an inheritance) as opposed to the product of illegitimate activity.
I am assisting my aunt sell her property in Downton. Does the conveyancer order the energy assessment or it is for the owner to see to?
After the abolition of Home Information Packs, energy performance certificates was kept a required component of selling a property. An energy performance certificate needs to be commissioned prior to the property being marketed. It is not as aspect of the sale process that law firms normally arrange. If you are instructing a Downton conveyancing practitioner they may help arrange EPC’s given their contacts with reputable Downton energy assessors
I have decided to exercise my right to buy my property in Downton off the council. I have a mortgage offer with RBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Downton bank branch on a couple of occasions and was told it wasn't a problem and they would lend. My Downton conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend based on their published requirements. I simply don't know who is right.
Your lawyer has to follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I decided to have a survey carried out on a house in Downton before instructing lawyers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some banks will not issue a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Downton. Conveyancing will be smoother if you use a solicitor in Downton especially if they regularly deal with such properties in Downton.
I need to find a conveyancing solicitor for some conveyancing in Downton. I have discover a site which seems to have the perfect answer If it is possible to get all this stuff completed via phone that would be ideal. Should I be concerned? What should out be looking out for?
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?
Why can I not complete my conveyancing in Downton on a public holiday?
This is due to the fact that on completion the purchase price will pass between the banks of the purchaser and seller's lawyer and at present this can only occur on a business day. So you can't complete on a weekend either.