I can't travel far from Market Deeping. What is the rationale as to why all Market Deeping lawyers aren't included on all lender panels?
Pre- 2008 most mortgage companies demonstrated an approach to risk which differs from the current day. The financial regulator in 2010 conducted a thematic review into fraud which in summary warned lenders: know the property lawyers on your panel. As a result, mortgage companies have since looked to extract more data from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of volume of transactions the lenders set.
What does my ID and proof of funds have anything to do with my conveyancing in Market Deeping? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Market Deeping conveyancing firm will require proof of identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility account evidencing where you live.
In accordance with Money Laundering Regulations, conveyancers are required to check not only the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I am due to exchange contracts on my house. I had a double glazing fitted in May 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, UBS are being pedantic. The Market Deeping solicitor who is on the UBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but UBS are requiring a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS 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.
Intending to buy a flat in Market Deeping. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Market Deeping conveyancing practitioner is on the UBS conveyancing panel.
Bank of Ireland have agreed my home loan in principle, my offer on a property in Market Deeping has been accepted, what are the next steps?
The property agent will need to be advised as to your solicitor's details (make sure the solicitors are on the bank’s approved list). Contact Bank of Ireland or the broker and complete any appropriate paperwork. Bank of Ireland will instruct a valuer who will get in contact with the estate agent or owners to book an appointment. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Bank of Ireland will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Market Deeping.
What does a local search inform me regarding the property we're purchasing in Market Deeping?
Market Deeping conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company for instance Onsearch The local search is essential in every Market Deeping conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search will provide data on, amongst other things, details on planning applications relevant to the property (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 sections.
I'm buying a new build house in Market Deeping with a loan from Britannia. The sellers refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about the side-deal as it will affect my loan with the bank. 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.
Is it best to go with a Market Deeping conveyancing practitioner based in the location that I am hoping to buy? We have a good friend who can execute the legal formalities however they are based 200kilometers drive away.
The primary upside of using a local Market Deeping conveyancing practice is that you can pop in to sign paperwork, present your ID and apply pressure on them where appropriate. They will also have local knowledge which is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and in the main were content that must trump using an unknown Market Deeping conveyancing solicitor solely due to them being local.