What does my ID and proof of funds have anything to do with my conveyancing in Holborn? Is this really warranted?
Holborn conveyancing solicitors and indeed property lawyers accross the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill no older than three months).
Proof of source of monies is also necessary in accordance with the money laundering regulations as solicitors are duty bound to ensure that the money you are using to acquire a property (be it the exchange deposit or the full purchase price where you are buying without a mortgage) has come from an acceptable source (such as employment savings) rather than the proceeds of criminal behaviour.
My lawyer has informed me that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Holborn?
The right level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Yorkshire Building Society and The Mortgage Works. Conveyancing solicitors as opposed to borrowers take out such policies.
Is it the case that all Holborn solicitors on the Coventry BS conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Coventry BS approved list of solicitors they would need to be regulated by the SRA. Some lenders do allow licenced conveyancers on their panel and in such a situation the organisation would be governed by the CLC.
The formalities of my purchase has taken place for my property in Holborn. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Should our lawyer be asking questions concerning flooding during the conveyancing in Holborn.
Flooding is a growing risk for conveyancers carrying out conveyancing in Holborn. There are those who purchase a property in Holborn, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a number of searches that can be carried out by the purchaser or by their lawyers which can figure out the risks in Holborn. The standard completed inquiry forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to determine if the premises has historically flooded. In the event that the premises has been flooded in past which is not notified by the vendor, then a buyer could commence a compensation claim as a result of such an incorrect answer. A buyer’s conveyancers may also conduct an enviro search. This will disclose whether there is a recorded flood risk. If so, more detailed investigations will need to be made.
I'm purchasing my first flat in Holborn with the aid of help to buy. The builders refused to move on the amount so I negotiated £7000 of additionals instead. The estate agent told me not to tell my solicitor about the extras as it would jeopardize my mortgage with TSB. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey completed on a house in Holborn ahead of appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some banks tend refuse to give a mortgage on this type of home.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Holborn. Conveyancing may be slightly more expensive based on your lender's requirements.
We are a fortnight into a freehold purchase having been directed to solicitors by the high street agent to handle our conveyancing in Holborn. I am am very disappointed with the level of service. Could you help me find new conveyancers?
A lawyer would need to be very poor to suggest changing them. Has your mortgage offer been generated? If so you need to make them aware of the new contact details and ensure the mortgage documents are re-sent. The conveyancer needs to be on the lenders approved list to avoid supplemental fees and delays. So that should be your starting point. Our search tool will assist you in finding a bank approved conveyancer for your conveyancing in Holborn