In what way does my ID and proof of funds have anything to do with my conveyancing in Ely? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Ely conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you live.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to investigate not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this may result in your conveyancer ending 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 make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Having invested time scouring moneysavingexpert.com for an affordable lawyer in Ely, most advise that I must use a CQS kitemarked solicitor. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing procedures via the scheme protocol It includes many companies who execute conveyancing in Ely.
I'm the sole beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in Ely. The Ely property was put into my name in October. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship will be considered the same way as if I'd bought the house in October. 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." Technically you may be impacted by that. How practical a view banks take of it, depend on the lender as this obligation is primarily there to pick up on subsales or the flipping of properties.
Is there a list of Barclays panel conveyancers in Ely on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings available on the web. If you are seeking to appoint a Ely conveyancing practitioner on the Barclays please make the most of our facility.
I recently had an offer accepted on a house in Ely. My financial adviser suggested a lawyer. I paid an advanced payment of £175. Not long after, the lawyer contacted me embarrassingly acknowledging that they were not on the Santander 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 Santander 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.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Ely?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Ely. 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…’
About to purchase a new build apartment in Ely. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Ely
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I opted to have a survey completed on a property in Ely before retaining lawyers. I have been told that there is a flying freehold element to the house. My surveyor has said that some banks tend refuse to grant a loan on a flying freehold property.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to telephone us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ely. Conveyancing will be smoother if you use a solicitor in Ely especially if they are acquainted with such properties in Ely.