I am only a couple days away from an exchange on a house in Montacute and my mum and dad have sent the exchange deposit to my property lawyer. I am now told that as the deposit has not come from me my solicitor needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your conveyancer is obliged to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Montacute? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Montacute. Nowadays you can not complete any conveyancing transaction without first providing proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a council tax bill. Remember if you are supplying your driving licence as proof of ID it must be both the paper part and photo card part, one is not acceptable without the other.
Proof of your source of monies is required under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer must have this information on record. Your Montacute conveyancing solicitor will require evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask further questions regarding the source of monies.
I am selling my house in Montacute. Will my solicitor need to be on the Leeds Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
My wife and I are buying a flat in Montacute. It might be a silly question but how we can trust a lawyer? On completion day we have to deposit money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My wife and I are at the point of viewing apartments in Montacute and I am about to put in an offer. Is it wise to have my property lawyer on ‘stand by’? I am planning to take a mortgage with TSB.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are obtaining a mortgage with TSB, make sure you remember to check that your lawyer is on the TSB conveyancing panel.
I am selling my apartment. I had a double glazing fitted in October 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Principality are being a right pain. The Montacute solicitor who is on the Principality conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality 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.
I am purchasing a property and the lawyer has mentioned Chancel Repair for which the house could be obligated to contribute to as it falls into the area of such a church. He has mentioned insurance. Is this really necessary for conveyancing in Montacute
Unless a prior purchase of the premises completed after 12 October 2013 you could expect lawyers conducting conveyancing in Montacute to remain recommending a chancel search and or insurance against a claim.
Hoping to buy a property located in Montacute and I am already nervous. I couldn't find anything specific about Montacute. Conveyancing will be needed in due course but do you know about the Montacute area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Montacute. In the meantime here are some basic statistics that we found