In what way does my ID and proof of funds have anything to do with my conveyancing in East Acton? Is this really necessary?
East Acton conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Confirmation of the origin of funds is also necessary under the money laundering statutes as lawyers have a duty to check that the funds you are using to buy a property (whether it be the deposit for exchange or the total purchase price where you are a cash purchaser) has come from a reputable source (such as an inheritance) rather than the proceeds of criminal behaviour.
My lawyer in East Acton is not listed on the Virgin Money Conveyancing Panel. Is it possible for me to continue with my family solicitor even though they are not on the Virgin Money approved list?
Your options are as follows:
- Carry on with your preferred East Acton solicitors but Virgin Money will need to instruct a solicitor on their list of acceptable firms. This will inevitably rack up the overall legal charges as well as cause delays.
- Choose a new lawyer to to deal with the purchase, not forgetting to check they are Virgin Money approved.
- Persuade your Virgin Money based solicitor to seek to join the Virgin Money panel
I acquired my apartment on 8 March and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in East Acton expressed confidence that it will be recorded inside ten days. Are titles in East Acton uniquely lengthy to register?
There is nothing unique about conveyancing in East Acton registration formalities. Rather than based on location, timescales can differ according to the party submitting the application, whether it is in order and if the Land registry communicate with any interested persons or bodies. At present in the region of three quarters of submission are fully addressed within two weeks but some can be subject to longer delays. Registration is effected once the buyer has moved in to the premises thus an expedited registration is not usually top priority yet if there is a degree of urgency associated with the registration then you or your conveyancer can communicate with the Registry to express the reasoning for the application to be prioritised.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. East Acton is the location of the property. Can you shed any light on this issue?
Flying freeholds in East Acton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in East Acton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East Acton may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I was advised by a number of selling agents in East Acton to locate a solicitor on your site. What’s the financial incentive for Estate Agents to market your lawyers ahead of alternative conveyancing organisations?
We refuse to offer any commission for directing people our way. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
My partner has suggested that I use his lawyers for conveyancing in East Acton. Do I follow his guidance?
There are no two ways about it it’s preferable to select a conveyancing solicitor is to have referrals from friends or family who have experience in using the firm you're are thinking of instructing.