Me and my fiance are hoping to acquire a 2 bedroom flat in Rainham with a mortgage. We like our Rainham lawyer, however the mortgage company says she’s not on their "panel". We have to appoint one of the lender panel firms or retain our Rainham solicitor as well as pay for one of their panel lawyers to represent them. We regard this is unjust; are we not able to require that the mortgage company use our Rainham conveyancer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Rainham conveyancing solicitor to apply to be on the conveyancing panel.
The property market in Rainham is hotting up. What can I do to hasten the conveyancing process?
Where the seller is applying pressure to exchange it is advisable to make sure that your lawyer is familiar with the area as they will benefit local relationships and intelligence. It is possible that they could have conducted otherproperties in the same neighbourhood. You would be best advised to use a Rainham conveyancing firm. In addition, ensure that the lawyer is on the on the approved list for your mortgage company. It is understood that 18% of Rainham conveyancing deals are frustrated or jeopardised after discovering a buyer’s conveyancer was not on their banks panel. This can often result in the home move being held up by almost 21 days. It is believed that this issue affects approximately one hundred thousand home moves every year. Almost all Rainham conveyancing practices can not act for certain mortgage companies so do check as early as possible.
What does my ID and proof of funds have anything to do with my conveyancing in Rainham? What am I being asked for?
Rainham conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no more than three months).
Proof of source of monies is also required in compliance with the money laundering regulations as solicitors are required to check that the funds you are utilising to purchase a property (whether it be the deposit for exchange or the full purchase price if you are a cash purchaser) has originated from an acceptable source (such as employment savings) as opposed to the product of criminal activity.
My wife and I buying a end of terrace house in Rainham. Our aim is to carry out an extension to the side at the property.Will legal investigations on the property involve checks to determine if these alterations are prohibited?
Your property lawyer should check the registered title as conveyancing in Rainham can on occasion reveal restrictions in the title documents which restrict categories of changes or require the consent of another owner. Certain extensions require local authority planning consent and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be wise to check these things with a surveyor ahead of any purchase.
We have a mortgage agreed in principle with Clydesdale. Rainham conveyancing solicitors were selected. How long does it take for Clydesdale to send the offer to the conveyancer?
There is no definitive answer here. Have Clydesdale done the valuation? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have a mortgage with RBS for my property in Rainham. Conveyancing has been completed months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
RBS must be informed of your intention in advance of letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will permit you to let 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 RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
How do I use the search tool to find a conveyancing lawyer in Rainham on the approved list for my lender?
1st pick a mortgage company such as Halifax, Bank of Scotland or TSB then choose your preferred area for instance Rainham. Conveyancing organisations in Rainham and beyond should be identified.
My aunt purchased her house in Rainham 7 years ago. She has since got married, widowed and is now remarried. She now wishes to dispose of the Rainham property. I suspect that she will simply be requested to provide a copy of the marriage papers to the conveyancer but she is anxious it could delay the conveyancing. Should she appoint a solicitor to update the title information for the house?
You are not required to update the title for the property on the basis that you have the proof required to demonstrate how the change of name has come about.
The purchaser’s solicitor should check the registered details and need evidence by way of proof of the name change for example marriage documentation.