Unfortunately I am unable to travel far from Highgate. Can you please explain the reason why all Highgate solicitors aren't automatically on all mortgage company panels?
Mortgage companies highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in lenders removing less reputable firms from their official list of approved lawyers .
What does my ID and proof of funds have anything to do with my conveyancing in Highgate? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Highgate conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing where you reside.
Under Money Laundering Regulations, conveyancers are required to validate not only the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may lead to your solicitor ending their retainer 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 relevant authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
We are hoping to buy a 2 bedroom apartment in Highgate with a mortgage from Norwich and Peterborough Building Society.We use our Highgate conveyancing lawyer but Norwich and Peterborough Building Society advised that his firm is not listed on their approved list of member firms. we are left little option but to use a Norwich and Peterborough Building Society panel firm or keep our high street solicitor and pay for a Norwich and Peterborough Building Society panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Norwich and Peterborough Building Society use our lawyer?
Unfortunately,no. The home loan offered to you is subject to its terms and conditions, a common one being that solicitors will be on the Norwich and Peterborough Building Society approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Norwich and Peterborough Building Society
I am planning on selling our home in Highgate and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. A high street Highgate conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed a factory type conveyancing outfit rather than a conveyancing solicitor in Highgate. Having lived in Highgate for many years we know that this is a non issue. Should we contact our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I have been on the look out for a ground for flat up to £195,000 and found one close by in Highgate I like with a park and transport links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Highgate suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I have been pointed in your direction by a few selling agents in Highgate to choose a conveyancer using your seach tool. Is there a financial inducement for Estate Agents to market your site ahead of a competitor’s?
We don’t make any commission for directing people to this site. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.