I am one month into the sale of my apartment in Old Oak Common and the estate agent has just telephoned to warn that the buyers are changing their conveyancer. The reason given is that the bank will only work with property lawyers on their approved list. On what basis would a leading lender only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Old Oak Common ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions justify this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. 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 not going to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Old Oak Common? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Old Oak Common. Nowadays you will not be able to proceed with any conveyancing process in the absence providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Remember if you are supplying your driving licence as proof of ID it needs to be both the paper element as well as the photo card part, one is not sufficient in the absence of the other.
Evidence of your source of funds is required under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancing solicitor will need to retain this information on record. Your Old Oak Common conveyancing solicitor will need to see evidence of proof of funds prior to accepting any money from you into their client account and they will also ask additional queries concerning the source of funds.
My stepmother advised me that in purchasing a property in Old Oak Common there could be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of anumerous of properties in Old Oak Common which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Old Oak Common should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the single beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Old Oak Common. The Old Oak Common property was put into my name in November. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be treated the same way as though I had purchased the property in November. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How practical a view mortgage companies take of it, depend on the lender as this provision is principally there to identify the purchase and immediately sell or the wholesaling and assigning of property.
I have a mortgage with Skipton for my property in Old Oak Common. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Skipton?
You must advise Skipton in advance of renting your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. You need not do this via a Skipton conveyancing panel solicitor.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a simple, chain free conveyancing. Old Oak Common is where the house is located. Can you shed any light on this issue?
Flying freeholds in Old Oak Common are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Old Oak Common you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Old Oak Common 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 property.
Hoping to buy a property located in Old Oak Common and I am already nervous. I couldn't find anything specific about Old Oak Common. Conveyancing will be needed in due course but do you know about the Old Oak Common area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Old Oak Common. In the meantime here are some basic statistics that we found
As co-executor for the will of my grandmother I am disposing of a residence in Swansea but reside in Old Oak Common. My lawyer (based 200 miles from mehas requested that I sign a statutory declaration prior to completion. Can you recommend a conveyancing practitioner in Old Oak Common who can witness this legal document for me?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will be fine regardless of whether they are located in Old Oak Common