All was ready to move into my new home in Lytham next Monday. My conveyancer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These requirements are not limited to conveyancing in Lytham.
What does my ID and proof of funds have anything to do with my conveyancing in Lytham? What am I being asked for?
Lytham conveyancing solicitors and indeed property lawyers 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 are required to provide two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement no older than three months).
Proof of source of monies is also required in accordance with the money laundering regulations as lawyers are duty bound to ensure that the monies you are using to acquire a property (whether it be the deposit for exchange or the full purchase monies if you are a cash purchaser) has come from an acceptable source (such as an inheritance) as opposed to the product of criminal behaviour.
I require fast conveyancing in Lytham as I am under a deadline to sign on the dotted line within 4 weeks. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
If.Given you are are a mortgage free buyer you have the choice not to do searches although no conveyancer would recommend that you don't. With plenty of history conveyancing in Lytham the following are examples of what can show up and adversely affect market value: Enforcement Actions, Overdue Charges, Overdue Grants, Road Schemes,...
Do I need to be suspicious that estate agents that I am dealing with are suggesting a factory type conveyancing firm as opposed to a local Lytham conveyancing company?
As is the case with lots of professional services, often suggestions from connections can be very helpful. Nevertheless there are numerous people with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may recommend conveyancers to retain. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there may be a commercial relationship behind the recommendation. You have the discretion to appoint your preferred lawyer. However, bear in mind that the majority of mortgage providers have an approved list of solicitors you are obliged to use for the mortgage aspect of your home move.
My father-in-law has encouraged me to instruct his conveyancing solicitors in Lytham. Should I use them?
There are no two ways about it the ideal way to select a conveyancing practitioner is to seek feedback from friends or relatives who have experience in using the conveyancer you're considering.
The financial adviser has suggested using their lawyer for the conveyancing in Lytham - Is it not simpler advisable to just use them?
This is not necessarily the case and you are at liberty to instruct whichever solicitor you prefer for your Lytham home move. The property lawyer put forward by a 3rd party adviser may not always be the right lawyer, they may suggest their preferred conveyancing firm who are based remotely. In this instance you may not have contact with your solicitor and due to the lack of continuity in the transaction, it may be difficult to obtain updates.