I am selling my flat in Mersea Island and the estate agent has just text me to advise that the purchasers are switching conveyancer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. Why would a big named lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Mersea Island ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions blame a rise in fraud as the reason for the pruning – 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 claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
Can conveyancing in Mersea Island to be completed in less than a month?
In a situation where the seller is applying time constraints for your conveyancing it is advisable to make sure that your lawyer is familiar with the area as they will benefit local contacts and know-how. It is possible that they would have conducted otherhouses in the same neighbourhood. Therefore consider using a Mersea Island conveyancing lawyer. In addition, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is claimed that nearly one in five of Mersea Island conveyancing transactions are frustrated or jeopardised after discovering a purchaser’s solicitor was not on their mortgage lender’s member panel. In many cases this discovery resulted in the home move being delayed by almost 21 days. It is believed that this issue affects approximately 100,000 home moves annually. Many Mersea Island conveyancing firms can not represent certain mortgage companies so do check as early as possible.
What does my ID and proof of funds have anything to do with my conveyancing in Mersea Island? Is this really warranted?
Mersea Island conveyancing solicitors as well as nationwide property lawyers accross the UK have a duty under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Proof of source of monies is also necessary in accordance with the money laundering laws as conveyancers are duty bound to investigate that the monies you are using to purchase a property (whether it be the deposit for exchange or the full purchase amount if you are a cash purchaser) has come from an acceptable source (such as employment savings) and is not the proceeds of criminal activity.
Should our lawyer be raising enquiries about flooding as part of the conveyancing in Mersea Island.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Mersea Island. There are those who acquire a property in Mersea Island, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a number of searches that may be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Mersea Island. The standard property information forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to discover whether the premises has suffered from flooding. In the event that the property has been flooded in past which is not disclosed by the vendor, then a purchaser may bring a claim for damages as a result of such an inaccurate response. A buyer’s lawyers may also conduct an environmental search. This should higlight whether there is a recorded flood risk. If so, additional investigations will need to be initiated.
I am buying a new build flat in Mersea Island. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Mersea Island
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
In my capacity as executor for the will of my uncle I am disposing of a house in Newport but I am based in Mersea Island. My conveyancer (based 235 miles awayhas requested that I sign a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing solicitor in Mersea Island to attest this legal document for me?
strictly speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are Mersea Island based