What does my ID and proof of funds have anything to do with my conveyancing in Morden? What am I being asked for?
Morden conveyancing solicitors and indeed property lawyers accross the UK have an obligation 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 are required to disclose two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Confirmation of source of monies is also required in accordance with the money laundering regulations as solicitors are required to check that the funds you are using to purchase a property (be it the exchange deposit or the total purchase amount where you are a cash purchaser) has come from legitimate source (such as an inheritance) and is not the product of criminal behaviour.
I am aiming to move home in January. Will my conveyancing solicitor communicate with the removal company on the completion day. As an aside, can you suggest a removal company in Morden. Conveyancing lawyer was organised prior to coming across this page.
On the day of completion you will need to collect the keys from your selling agent however this should only take place when the previous owners solicitors inform the agent that the monies to complete are in and the keys can be passed over. Subsequently you can tell the removal company that you are ready to move in. We are not in a position to recommend a particular removal organisation but can assist you in locating a conveyancing in Morden or a firm with expertise in conveyancing in Morden.
When it comes to mortgage companies such as Co-operative, do Morden conveyancing practitioners face an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Morden bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Morden conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. I simply don't know who is right.
The conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should our lawyer be asking questions about flooding as part of the conveyancing in Morden.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Morden. Plenty of people will purchase a house in Morden, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a various checks that can be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Morden. The standard completed inquiry forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to determine if the property has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the seller, then a purchaser may bring a claim for damages as a result of such an misleading response. The purchaser’s conveyancers may also commission an environmental search. This will higlight if there is a recorded flood risk. If so, additional inquiries should be carried out.
How does conveyancing in Morden differ for newly converted properties?
Most buyers of new build or newly converted property in Morden approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Morden typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Morden or who has acted in the same development.
Do I need to be concerned that 3rd parties that I am dealing with are recommending an online conveyancing firm rather than a High Street Morden conveyancing firm?
As is the case with lots of service providers, often recommendations from relatives can be worth their weight in gold. Nevertheless there are lots of players in a conveyancing deal; estate agents, financial adviser and banks may suggest lawyers to appoint. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the recommendation. You have the discretion to select your preferred lawyer. Don't forget that many banks specify a panel list of law firms you are obliged to use for the mortgage related work in your conveyancing.
I am a fortnight into a leasehold purchase having been recommend to a firm by the estate agent to carry out the conveyancing in Morden. I am am very frustrated with the quality of service. Can you help me find new solicitors?
A conveyancer would have to be very poor to suggest replacing them. Has your loan offer been issued? In the event that it has you must make them aware of the new contact details and get the loan are issued to the new lawyers. The solicitor ideally needs to be on the lenders panel to avoid escalating costs and frustration. So that should be your first question of the new conveyancers. The find a solicitor tool should help you find a lender approved conveyancer for your conveyancing in Morden