I am not in a position to travel far from Melbourne. What is the rationale as to why all Melbourne solicitors aren't included on all bank panels?
Banks tend to restrict either the nature or volume of conveyancing practices on their approved list of lawyers. A common example of such criteria being that the firm is required to have at least two partners. As well as restricting the nature of firm, some banks such as HSBC decided to restrict the size of their panel they allow to act for them. It is worth noting that lenders have no responsibility for the quality of service supplied by any Melbourne solicitor on their panel. Property fraud was the key driver in the reduction of solicitor panels a few years ago notwithstanding that there are conflicting assessments about the extent of solicitor involvement in some of that fraud. Statistics from HMLR exposes that thousands of conveyancing firms only transact less than three conveyances annually. Those advocating conveyancing panel cuts ask why law firms should have the right to be listed on a lender panel when it is apparent that property law is not their speciality?
In what way does my ID and proof of funds have anything to do with my conveyancing in Melbourne? What am I being asked for?
Melbourne conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under money laundering regulations to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Evidence of the origin of monies is also required under the money laundering regulations as solicitors are required to ensure that the funds you are utilising to acquire a property (whether it be the deposit for exchange or the total purchase monies if you are a cash purchaser) has come from an acceptable source (such as employment savings) rather than the fruits of illegitimate behaviour.
Should our lawyer be making enquiries regarding flooding as part of the conveyancing in Melbourne.
Flooding is a growing risk for solicitors specialising in conveyancing in Melbourne. There are those who purchase a house in Melbourne, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a numerous checks that can be undertaken by the buyer or by their solicitors which can give them a better appreciation of the risks in Melbourne. The standard information sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to find out if the premises has historically flooded. In the event that the property has been flooded in past and is not disclosed by the vendor, then a buyer may issue a legal claim for losses stemming from an incorrect answer. The purchaser’s solicitors should also order an environmental search. This will indicate if there is any known flood risk. If so, additional inquiries will need to be carried out.
I am buying a new build house in Melbourne with a loan from Barnsley Building Society. The sellers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not disclose to my solicitor about the side-deal as it could jeopardize my mortgage with Barnsley Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
How do I identify a Melbourne law firm on the Norwich and Peterborough Building Society conveyancing panel? I have wheels and am willing to travel upto 10kilometers to meet the conveyancer.
Feel free to make use of the search on this page. Please pick a mortgage company and your location and you will see a number of Melbourne conveyancing lawyers located nearest you. We have listed some Melbourne conveyancing firms at the bottom of this page and you can telephone them to check if they are on the Norwich and Peterborough Building Society member panel
My husband and I have AIP from The Royal Bank of Scotland who have advised that they will lend up to £300k. At what point do we need to instruct a lawyer for conveyancing? Melbourne is where we plan to move to.
You can instruct a lawyer now so that the property lawyer can open the file so they can do the AML checks etc. Once you wish them to commence work you will be asked for a deposit usually about £175. That should normally be after you have the loan offer from the bank and survey back, however if you wish to speed matters you can get going sooner even though you may be risking some expense.