Our solicitor has identified a defect with the lease for the apartment we are buying in Feltwell. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Feltwell? Why is this being asked of me?
Feltwell conveyancing solicitors and indeed property lawyers accross the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Evidence of source of funds is also required in compliance with the money laundering regulations as lawyers are mandated to check that the monies you are utilising to acquire a property (whether it be the deposit for exchange or the full purchase monies where you are buying mortgage free) has originated from an acceptable source (such as employment savings) and is not the product of criminal activity.
Are there restrictive covenants that are commonly identified during conveyancing in Feltwell?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Feltwell. 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…’
How does conveyancing in Feltwell differ for new build properties?
Most buyers of new build property in Feltwell come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Feltwell typically purchase the real estate, 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 accustomed to new build conveyancing in Feltwell or who has acted in the same development.
Am I right to be wary by brokers that I am dealing with are recommending a web based conveyancing firm as opposed to a High Street Feltwell conveyancing practice?
As with many professional services, often input from relatives can be worth their weight in gold. Nevertheless there are numerous people with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies may put forward lawyers to choose. Sometimes the conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the endorsement. You have the discretion to choose your own conveyancer. Don't forget that some mortgage providers have an approved list of solicitors you must use for the lender aspect of your transaction.
What can I do where I am not happy with the conveyancer who undertook our conveyancing in Feltwell?
We live in an imperfect world, and is is a fact of life that sometimes things do go wrong. Nevertheless there is recourse where you were dissatisfied with your conveyancing in Feltwell. This varies from trying to resolve matters directly with them, through to reporting a solicitor to their regulator. If you remain dissatisfied you may consider enlisting the help of the Legal Ombudsman.