I am not in a position to travel far from North Somerset. Is there a reason why all North Somerset conveyancing practitioners aren't included on all lender panels?
Even though it may seem unfair for lenders to restrict who can represent them, from the public’s or solicitor’s viewpoint, the other side of the coin is that lending institutions are increasingly anxious and regard it crucial to protect them from illegal activities. As a consequence of this concern mortgage companies have consolidated their panel of approved conveyancing lawyers to a size that they are happy to control.
I am buying a brand new duplex in North Somerset and my lawyer is advising me that she has to the bank to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in North Somerset? Why is this being asked of me?
To satisfy the Money Laundering Regulations any North Somerset conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility account showing where you reside.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to check not only the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will lead to your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Just acquired a terraced house in North Somerset , how long will it take for the Land Registry to record my ownership? My North Somerset conveyancing solicitor works at snail pace, so I want to check the land registry aspects are dealt with.
As far as conveyancing in North Somerset is concerned, registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timeframes can adjust subject to who lodges the application, whether it is in order and whether the Land registry have to notify any interested persons or bodies. Currently roughly 80% of submission are fully addressed in less than three weeks but some can be subject to extensive delays. Registration is effected once the buyer is living at the premises so post completion formalities is not always primary concern but if there is a degree of urgency associated with the registration then you or your solicitor could contact the land registry and explain the circumstances.
Is there anything unique about your site and other online quote calculators for conveyancing in North Somerset?
At this site get a fixed fee quote via a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in North Somerset. As opposed to estate agents and many comparison sites we do not charge firms a fee if you instruct them for your property ownership legalities in North Somerset
I am just shy of a 10% deposit on my house purchase in North Somerset , but I am keen go ahead. What can I do?
One option is to try and agree a lesser deposit. Most sellers will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second