I am nearing exchange of contracts for my house in Rainham and the estate agent has just e-mailed to warn that the buyers are swapping law firm. The reason given is that the mortgage company will only engage with solicitors on their approved list. On what basis would a major mortgage company only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Rainham ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal 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. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Rainham? Why is this being asked of me?
Rainham conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under money laundering regulations to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill no older than three months).
Confirmation of the origin of monies is also necessary under the money laundering regulations as solicitors are obliged to investigate that the monies you are using to buy a property (whether it be the deposit for exchange or the full purchase monies where you are a cash purchaser) has originated from legitimate source (such as employment savings) rather than the product of criminal activity.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Rainham is where the house is located. Can you shed any light on this issue?
Flying freeholds in Rainham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rainham you must be sure that your lawyer goes 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 Rainham may determine 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 premises.
How do I use your search tool to find a conveyancing practitioner in Rainham on the authorised to act for my lender?
Step one is to pick a lender such as Santander, Coventry Building Society or Barclays Direct then choose your preferred area e.g. Rainham. Conveyancing firms in Rainham and nationally will then be shown.
Am I better off to appoint a Rainham conveyancing lawyer who is local to the property I am purchasing? An old friend can carry out the legal formalities but her office is approximately 350miles away.
The benefit of a local Rainham conveyancing firm is that you can attend the office to execute paperwork, hand in your ID and apply pressure on them where appropriate. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and the majority were happy that should trump using an unknown Rainham conveyancing lawyer just because they are round the corner.
Having had my offer accepted I require leasehold conveyancing in Rainham. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Rainham - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Rainham conveyancing firm to represent me?
You certainly can. We are happy to put you in touch with a Rainham conveyancing firm who can help.
An example of a Lease Extension case for a Rainham property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.