My wife and I are buying a newly built duplex in Gravesend and my lawyer is advising me that she has to the mortgage company to disclose incentives from the developer. I am under pressure to exchange contracts and I have no desire to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do I have to pop into the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Gravesend so that I can pop in to their offices if necessary.
Whereas this was necessary 15 years ago, the vast majority mortgage companies no longer need their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to hand over ID documents and there are still manifest benefits to using a local solicitor, in your case a conveyancing solicitor in Gravesend.
Is it necessary to pay for insurance to cover chancel repairs when buying a property in Gravesend?
Unless a previous acquisition of the premises completed after 12 October 2013 you can assume that lawyers delivering conveyancing in Gravesend to remain encouraging a chancel search and or chancel repair liability policy.
How does conveyancing in Gravesend differ for newly converted properties?
Most buyers of new build or newly converted property in Gravesend approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Gravesend usually purchase the site, 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 Gravesend or who has acted in the same development.
Should I be wary that 3rd parties that I am dealing with are suggesting a web based conveyancing firm as opposed to a High Street Gravesend conveyancing company?
As with many professional services, often suggestions from relatives can be extremely useful or valuable. But there are numerous players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may recommend solicitors to appoint. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You have the discretion to choose your preferred lawyer. You need to be aware that some mortgage providers specify a panel list of law firms you must use for the lender related work in your home move.
My conveyancing solicitor in Gravesend is asking me for proof of ID documents saying that this forms part of his requirements as a conveyancer on the bank Solicitor panel. Can you confirm whether this is the case?
Anti-terror and anti-money-laundering rules require Gravesend conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the bank also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the lender's UK Finance Lenders’ Handbook requirements