I am selling my house in Killingworth and the estate agent has just telephoned to advise that the purchasers are appointing a new property lawyer. The excuse is that the mortgage company will only work with solicitors on their approved list. Why would a big named lender only work with specific lawyers rather the firm that they want to select for their conveyancing in Killingworth ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Killingworth? Why is this being asked of me?
Killingworth 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 in order to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Confirmation of source of monies is also required in compliance with the money laundering statutes as solicitors are duty bound to investigate that the monies you are using to buy a property (whether it be the deposit for exchange or the full purchase price where you are a cash purchaser) has originated from legitimate source (such as an inheritance) as opposed to the fruits of illegitimate activity.
My grandfather passed away 10 months ago and as sole heir and executor I was left the property in Killingworth. The house had a small mortgage left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Nottingham, pay off the mortgage. Is this possible?
Where you plan to refinance then Nottingham will insist on your using a conveyancer on the Nottingham conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nottingham conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nottingham mortgage is registered as a charge at the Land Registry.
How does conveyancing in Killingworth differ for newly converted properties?
Most buyers of new build premises in Killingworth come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Killingworth tend to acquire the land, 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 property lawyers 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 Killingworth or who has acted in the same development.
I'm remortgaging my current house to a buy to let mortgage with Leeds Building Society and I will use the rest of the raised equity towards another house. The location we are looking at is Killingworth. Will your conveyancers be able to act for the two mortgage companies and tie in the conveyances?
Make use of our comparison tool on this page to be sure that the solicitors are on the relevant lender panels. On the basis that they are your solicitor will be able to simultaneously deal with the two deals but you should have a chat with you conveyancer and make clear your desired outcome and needs.
I need to find a conveyancing solicitor for purchase conveyancing in Killingworth. I happened to stumble across a site which looks to be the ideal solution If there is a chance to get all formalities done via email that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?