My partner and I are looking to purchase a flat in Kingsbury and have instructed a Kingsbury conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this afternoon contacted us to advise us that they have now hit a problem as our Kingsbury conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Kingsbury solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Our son is about to exchange on a newly built flat in Kingsbury with a home loan from Principality. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Principality conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Kingsbury? Is this really necessary?
Kingsbury conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Confirmation of the origin of monies is also required under the money laundering laws as solicitors are duty bound to check that the monies you are utilising to purchase a property (be it the exchange deposit or the total purchase price if you are a cash purchaser) has originated from an acceptable source (such as employment savings) as opposed to the product of illegitimate activity.
What can a local search reveal regarding the property I am buying in Kingsbury?
Kingsbury conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations such as PSG The local search plays a central role in most Kingsbury conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your property. The search will supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Kingsbury is the location of the property. Is there any advice you can impart?
Flying freeholds in Kingsbury are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kingsbury you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kingsbury may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am using a search engine for the words on line conveyancing in Kingsbury it brings up numerous conveyancerslocally. With so much choice what is the best way to find the suitable property lawyer for my move?
The preferential way of finding a suitable conveyancer is through a personal testimonial, so ask friends and those you trust who have purchased a property in Kingsbury or a reputable estate agent or financial adviser. Costs for conveyancing in Kingsbury differ, so it's a good idea to obtain at least three quotes from different property lawyers. Make sure that you clarify what costs in the quote includes.