Our conveyancer has discovered a defect with the lease for the flat we are purchasing in Frampton on Severn. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. 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 property lawyer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Frampton on Severn? What am I being asked for?
In order to comply with Money Laundering Regulations any Frampton on Severn 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 showing where you live.
In accordance with Money Laundering Regulations, conveyancers are obliged by law to ascertain not simply the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this may lead to your lawyer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to inform the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Do the Building Society Association intend to launch a search tool with a view to to identify practices on the Coventry BS conveyancing panel for example in Frampton on Severn?
Lexsure has not been advised of any intention on the part of the BSA to develop such a search facility.
How does conveyancing in Frampton on Severn differ for newly converted properties?
Most buyers of new build premises in Frampton on Severn contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Frampton on Severn 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 Frampton on Severn or who has acted in the same development.
Am I right to be wary by third parties that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a local Frampton on Severn conveyancing firm?
As is the case with many service providers, often recommendations from relatives can be extremely useful or valuable. But there are many parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and banks may put forward solicitors to instruct. Sometimes the solicitors might be known to one of the organisations as experts in their field, but sometimes there is an underlying financial incentive behind the recommendation. You are at liberty to choose your preferred conveyancer. You need to be aware that most mortgage providers specify a panel list of solicitors you have to use for the mortgage related work in your transaction.
My brother has suggested that I instruct his conveyancers in Frampton on Severn. Should I choose my own conveyancer?
There are no two ways about it the ideal way to choose a conveyancing lawyer is to have referrals from friends or family who have used the firm that you are considering.