My fiancee and I are purchasing our first house. Our conveyancer has messagedto enquire if we would like to purchase extra conveyancing searches. We are really unsure what's needed for conveyancing in Edgware
The number and type of Edgware conveyancing searches should be triggered based primarily on the premises, the location, the possibility of any of these risks, your knowledge of the locality and risks, your general appetite to risk. What is important is that you properly understand what information the searches could give you. You may then decide if you personally think you need that information. Where you are in doubt, ask your property lawyer to guide you.
What does my ID and proof of funds have anything to do with my conveyancing in Edgware? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Edgware. Nowadays you will not be able to proceed with any conveyancing process in the absence submitting evidence of your identity. This usually takes the form of a either your passport or driving licence and a bank statement. Remember if you are providing your driving licence as evidence of ID it needs to be both the paper section as well as the photo card part, one is not acceptable in the absence of the other.
Proof of the origin of funds is mandated under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancing solicitor will need to retain this information on record. Your Edgware conveyancing practitioner will require evidence of proof of funds before they are able to accept any funds from you into their client account and they may also ask additional questions concerning the origin of funds.
is it true that all Edgware solicitors on the Lloyds conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Lloyds approved list of solicitors they would need to be governed by the SRA. The majority of lenders do allow licenced conveyancers on their panel and in that case the practice would be overseen by the CLC.
Two weeks ago we had a mortgage agreed in principle with Nationwide. Edgware conveyancing practitioners have been appointed. How long does it take for Nationwide to send the offer to the solicitor?
Some lenders take longer than others. Have Nationwide completed the survey? Have you advised Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I recently had an offer accepted on an apartment in Edgware. My financial adviser suggested a property lawyer. I paid an advanced payment of £150. A couple of days later, the property lawyer contacted me sheepishly admitting that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Edgware differ for newly converted properties?
Most buyers of new build residence in Edgware come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Edgware tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Edgware or who has acted in the same development.
I decided to have a survey completed on a property in Edgware ahead of instructing lawyers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some mortgage companies may not issue a mortgage on this type of house.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Edgware. Conveyancing may be slightly more expensive based on your lender's requirements.
Hoping to buy a property located in Edgware and I am already nervous. I couldn't find anything specific about Edgware. Conveyancing will be needed in due course but do you know about the Edgware area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Edgware. In the meantime here are some basic statistics that we found