I am selling my flat in New Mills and the estate agent has just e-mailed to warn that the buyers are appointing a new property lawyer. The reason given is that the lender will only engage with property lawyers on their approved list. Why would a big named mortgage company only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in New Mills ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies justify this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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. Some 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. The purchasers are not going to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in New Mills? Why is this being asked of me?
In order to comply with Money Laundering Regulations any New Mills 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 evidencing your correct address.
Under Money Laundering Regulations, conveyancers are duty bound to check not only the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer ending their relationship 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 appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I have been told that property searches are a common reason for stalling in New Mills house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in New Mills.
The deeds to my home are lost. The solicitors who dealt with the conveyancing in New Mills 10 years ago no longer exist. What are my next steps?
Nowadays there are duplicates made of almost everything, and your solicitor will be aware exactly where to locate all the suitable documentation so you may purchase or sell your property without any difficulty. If copies are not available, your solicitor can arrange cover in the form of insurance or indemnities against future claims on your premises.
I am buying a new build apartment in New Mills. 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 is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in New Mills
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I decided to have a survey completed on a house in New Mills ahead of instructing solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some banks will not give a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. Should you wish to telephone us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in New Mills. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in New Mills to see if the conveyancing will be more expensive.