I am not in a position to travel far from Needham Market. Can you please spell out why all Needham Market lawyers aren't included on all mortgage company panels?
Before the recession most lenders exhibited an attitude to risk which is different than today. The FSA in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the property lawyers on your panel. As a result, mortgage companies have since looked to extract more data from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of firms have been removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum amount of transactions the mortgage companies set.
In what way does my ID and proof of funds have anything to do with my conveyancing in Needham Market? What am I being asked for?
In order to comply with Money Laundering Regulations any Needham Market conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account showing where you reside.
Under Money Laundering Regulations, property lawyers are required to validate not simply the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
My grandmother passed away last year and as sole heir and executor I was left the property in Needham Market. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Aldermore, pay off the mortgage. Is this possible?
Given you plan to refinance then Aldermore will insist on your using a conveyancer on the Aldermore conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Aldermore conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Aldermore mortgage is registered as a charge at the Land Registry.
How does conveyancing in Needham Market differ for new build properties?
Most buyers of new build or newly converted property in Needham Market approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Needham Market typically purchase the land, 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 conveyancers 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 used to new build conveyancing in Needham Market or who has acted in the same development.
I decided to have a survey completed on a property in Needham Market ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some banks tend not issue a mortgage on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Needham Market. Conveyancing will be smoother if you use a solicitor in Needham Market especially if they are accustomed to such properties in Needham Market.
I have just appointed agents to market my basement flat in Needham Market.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the service charge as you normally would because all ground rent and service invoices should be apportionedon completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially