My fiance and I are planning to purchase a flat in Preston and are in fact using a Preston conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Virgin Money have this evening contacted us to inform me that there is now an issue as our Preston conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Preston lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
In what way does my ID and proof of funds have anything to do with my conveyancing in Preston? What am I being asked for?
To satisfy the Money Laundering Regulations any Preston conveyancing firm will require proof of identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, property lawyers are required to investigate not just the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your solicitor ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to inform the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
My lender has suggested solicitors on their panel based in Preston but I would rather use a conveyancing lawyer in Preston or nearer to where I live. Can you assist?
Not all Preston conveyancing practitioners are approved and listed on all banks conveyancing panel. Please make the most of the above find an approved solicitor tool to locate a Preston conveyancing firm on the on the lender panel.
How does conveyancing in Preston differ for new build properties?
Most buyers of new build premises in Preston come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Preston typically buy the land, 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 used to new build conveyancing in Preston or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and found one close by in Preston I like with amenity areas and station in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Preston suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
My step-father has recommend that I use his conveyancers in Preston. Do I follow his recommendation?
No doubt the best way to choose a conveyancing solicitor is to have feedback from friends or family who have used the solicitor you're contemplating using.