What does my ID and proof of funds have anything to do with my conveyancing in Parsons Green? Is this really necessary?
Parsons Green conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under money laundering regulations to check the identity of any client in order to ensure 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 Bank Statement no more than three months).
Evidence of the origin of monies is also required in compliance with the money laundering laws as solicitors are duty bound to ensure that the monies you are utilising to acquire a property (be it the exchange deposit or the full purchase price if you are a cash purchaser) has come from legitimate source (such as an inheritance) as opposed to the product of illegitimate activity.
My property lawyer in Parsons Green has never been on on the Lloyds TSB Bank Conveyancing Panel. Is it possible for me to use my family solicitor even though they are excluded from the Lloyds TSB Bank panel?
The limited options open to you here include:
- Carry on with your preferred Parsons Green solicitors but Lloyds TSB Bank will need to instruct a solicitor on their list of acceptable firms. This will inevitably rack up the total legal fees as well as cause delays.
- Get a new practitioner to to deal with the purchase, remembering to check they are on the Lloyds TSB Bank panel
My friend advised me that where I am purchasing in Parsons Green I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Parsons Green conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Parsons Green around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Parsons Green Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Parsons Green Education with plans and statistics, Local Amenities and other useful data about Parsons Green.
I completed on my flat on 9 February and my personal details is yet to be registered. Should I be concerned? My conveyancing solicitor in Parsons Green expressed confidence that it will be formalised in a couple of weeks. Are titles in Parsons Green particularly slow to register?
As far as conveyancing in Parsons Green is concerned, registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timescales can differ depending on the party submitting the application, whether there are errors and if the Land registry must send notices to any third parties. As of today in the region of 80% of submission are fully addressed within 12 days but some can be subject to extensive delays. Registration is effected after the purchaser has moved in to the property therefore 'speed' is not typically primary concern yet where there is a degree of urgency associated with the registration then you or your lawyers could contact the land registry and explain the circumstances.
How does conveyancing in Parsons Green differ for new build properties?
Most buyers of new build premises in Parsons Green contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because builders in Parsons Green tend to acquire the site, 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 accustomed to new build conveyancing in Parsons Green or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Parsons Green is where the house is located. What do you suggest?
Flying freeholds in Parsons Green are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Parsons Green you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Parsons Green may ascertain 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.