I am selling my house in New Quay and the estate agent has just text me to warn that the buyers are swapping conveyancer. The excuse is that the bank will only engage with solicitors on their approved list. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in New Quay ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 unlikely to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in New Quay? Is this really necessary?
New Quay conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations to check the identity 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 ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Evidence of the origin of funds is also required under the money laundering laws as solicitors are required to check that the funds you are utilising to buy a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has originated from a reputable source (such as an inheritance) rather than the product of illegitimate behaviour.
We are due to move property in December. Will my conveyancing solicitor liaise with the removal company on the completion day. On a separate note, can you recommend a removal company in New Quay. Conveyancing solicitor was found prior to coming across this site.
On the day of completion you will need to pick up the keys from the property agent but this should only happen once the vendors lawyers confirm to the agent that the monies to complete are in and the keys can be released. Subsequently you can inform the removal company that they can start moving you in. As a matter of policy we do not suggest a specific removal organisation but can assist you in finding a residential property solicitor in New Quay or a firm with expertise in conveyancing in New Quay.
I have paid off my mortgage with Kent Reliance. I assume I don't need a New Quay lawyer on the Kent Reliance panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Kent Reliance mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Kent Reliance mortgage from the register. Kent Reliance, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Kent Reliance has sent the Land Registry the discharge electronically, and
- Kent Reliance has instructed the Land Registry to do so
The formalities of my purchase has taken place for my property in New Quay. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I require quick conveyancing in New Quay as I am faced with a deadline to sign on the dotted line within one month. A home loan is not required. Can I decline from having conveyancing searches to save fees and time?
As you are not obtaining a mortgage you are at free not to do searches although no solicitor would recommend that you don't. With plenty of history conveyancing in New Quay the following are examples of what can show up and adversely impact future mortgageability: Enforcement Actions, Overdue Fees, Overdue Grants, Road Schemes,...
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. New Quay is the location of the property. Can you shed any light on this issue?
Flying freeholds in New Quay are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in New Quay you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Quay may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
How do I search for a New Quay law firm on the Yorkshire Building Society conveyancing panel? I am a keen cyclist and am willing to travel upto 20kilometers to meet the lawyer.
You can use the search on this page. Please select a lender and your location and you will see a number of New Quay conveyancing lawyers based on proximity. We have detailed some New Quay conveyancing firms towards the end of this page and you can telephone them to see whether they are on the Yorkshire Building Society panel