My wife and I are buying a 2 bedroom flat in Merton Park with a mortgage. We have a Merton Park conveyancer, however the bank says he's not on their "panel". We have to appoint one of the bank panel firms or keep our Merton Park solicitor as well as pay for one of their panel firms to act for them. We feel that this is inequitable; are we not able to require that the lender use our Merton Park conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Merton Park conveyancing lawyer to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in Merton Park? Is this really necessary?
Merton Park conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Confirmation of source of monies is also necessary in accordance with the money laundering regulations as lawyers are mandated to check that the funds you are utilising to purchase a property (be it the exchange deposit or the full purchase monies where you are buying without a mortgage) has come from an acceptable source (such as employment savings) as opposed to the proceeds of criminal behaviour.
When it comes to lenders such as Aldermore, do Merton Park solicitors face an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
About to purchase apartment in Merton Park. 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 Santander 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 Merton Park conveyancing practitioner is on the Santander conveyancing panel.
Having read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Merton Park solicitor - who is on the Coventry BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Merton Park surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I need some quick conveyancing in Merton Park as I have an ultimatum to complete inside one month. Fortunately I do not need a mortgage. Can I avoid the conveyancing searches to save fees and time?
If.Given you are not taking a mortgage you are at liberty not to do searches although no law firm would recommend that you don't. With plenty of history conveyancing in Merton Park the following are instances of what can appear and adversely affect future saleability: Enforcement Notices, Outstanding Charges, Outstanding Grants, Railway Schemes,...
About to purchase a new build apartment in Merton Park. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Merton Park
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
My father has suggested that I appoint his conveyancing solicitors in Merton Park. Should I find my own property lawyer?
Much as we are happy to recommend a Merton Park conveyancing lawyer the ideal way to find a conveyancing lawyer is to have referrals from friends or family who have used the firm you're considering.