My husband and I are planning to purchase a home in Dunmow and have instructed a Dunmow conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barclays have this evening contacted us to inform me that there is now an issue as our Dunmow solicitor is not on their conveyancing panel. Please explain?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Dunmow lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
In the event thatI were to buy a straightforward homein Dunmow for cash and dispense with a survey and no conveyancing searches how much should I expect to to save on my conveyancing in Dunmow?
Any savings you would gain will be isolated to the costs for searches. Your conveyancing practitioner still got to do everything else - money laundering, correspond with the vendors property lawyer, stamp duty submission, register the title etc. A slight saving might be made by not having to register a charge but it won't be significant.
In what way does my ID and proof of funds have anything to do with my conveyancing in Dunmow? What am I being asked for?
In order to comply with Money Laundering Regulations any Dunmow conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to check not only the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Various online forums that I have frequented warn that are the primary reason for obstruction in Dunmow conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Dunmow.
Are there restrictive covenants that are commonly identified as part of conveyancing in Dunmow?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Dunmow. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm converting the mortgage on my primary home to a buy to let loan with HSBC Bank and intend to use the remaining equity as a down payment on a second house. The location we are talking about is Dunmow. Will your solicitors be able to act for the two mortgage companies and tie in the conveyances?
Do use our search tool on this page to check that the solicitors are approved by both banks. Having checked that they are your solicitor should be able to tie up the two deals but you should talk with you conveyancer and make apparent your desired outcome and requirements.