In what way does my ID and proof of funds have anything to do with my conveyancing in Ilminster? Is this really necessary?
Ilminster conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Confirmation of source of funds is also required in accordance with the money laundering statutes as lawyers are required to ensure that the funds you are utilising to purchase a property (be it the exchange deposit or the full purchase price if you are buying mortgage free) has originated from legitimate source (such as employment savings) as opposed to the proceeds of illegitimate activity.
Please help - my lawyer advises that flying freehold insurance is needed on my purchase. What is the level of cover for Ilminster conveyancing?
The appropriate level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between Lloyds TSB Bank and Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such insurances.
Is it the case that all Ilminster conveyancing solicitors on the Barclays conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Barclays approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some lenders do allow licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
I am due to exchange contracts on my apartment. I had a double glazing fitted in May 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Bank of Ireland are being difficult. The Ilminster solicitor who is on the Bank of Ireland conveyancing panel is saying indemnity insurance will be fine but Bank of Ireland are insisting on a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Should our solicitor be making enquiries concerning flooding during the conveyancing in Ilminster.
Flooding is a growing risk for lawyers dealing with homes in Ilminster. There are those who purchase a house in Ilminster, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a numerous checks that can be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Ilminster. The standard information sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to find out whether the property has suffered from flooding. In the event that flooding has previously occurred and is not notified by the seller, then a purchaser may issue a legal claim for losses as a result of such an inaccurate reply. A purchaser’s conveyancers should also commission an environmental report. This should indicate if there is a recorded flood risk. If so, further inquiries should be conducted.
I used Action Conveyancing a few years past for my conveyancing in Ilminster. I now require my papers however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Ilminster of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I have been on the look out for a ground for flat up to £195,000 and identified one round the corner in Ilminster I like with amenity areas and station in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Ilminster suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
My husband and I are first time buyers - agreed a price, yet the agent advised that the seller will only issue a contract if we appoint the agent's chosen lawyers as they want a ‘quick sale’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Ilminster
It is improbable the owners are driving this. Should the seller desire ‘a quick sale', turning down a genuine purchaser is going to damage their objectives. Speak to the owners direct and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)however you are going to use your preferred Ilminster conveyancing lawyers - not the ones that will give the estate agent a commission or hit his conveyancing targets set by HQ.