What does my ID and proof of funds have anything to do with my conveyancing in Ruddington? Why is this being asked of me?
Ruddington conveyancing solicitors and indeed property practitioners throughout the UK have a duty under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).
Proof of source of funds is also necessary under the money laundering laws as solicitors have a duty to check that the funds you are utilising to purchase a property (be it the exchange deposit or the total purchase amount if you are a cash purchaser) has come from legitimate source (such as employment savings) rather than the proceeds of illegitimate activity.
we are a couple who decided to purchase a newbuild flat in Ruddington with a loan from Bank of Ireland.We use our Ruddington conveyancing solicitor but Bank of Ireland informed us he's not listed on their "panel". we are left little option but to use a Bank of Ireland panel lawyer or keep our preferred solicitor and pay for a Bank of Ireland panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you contains various provisions, a common one being that solicitors will be on the Bank of Ireland solicitor panel. Until recently, most mortgage companies 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Bank of Ireland
What is the difference between a licensed conveyancer and conveyancing solicitor in Ruddington
There are two types of lawyers who can perform conveyancing in Ruddington namely CLC regulated conveyancers or solicitors. The two can administer conveyancing services that required to complete the disposal or purchase of property. They are both obliged to perform Ruddington conveyancing to the same quality and guidelines so you may be sure that your conveyancing will be properly administered and that the requisite steps will be correctly adhered to.
Is there a list of Coventry BS panel conveyancers in Ruddington on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings open the public online. Where you are looking for a Ruddington lawyer on the Coventry BS please use our tool.
I am currently in the process of buying my council flat in Ruddington. I have a mortgage agreed with Clydesdale. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
I'm purchasing my first flat in Ruddington with the aid of help to buy. The sellers would not move on the price so I negotiated £7000 of extras instead. The estate agent suggested that I not disclose to my conveyancer about this side-deal as it would jeopardize my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Ruddington is where the house is located. What do you suggest?
Flying freeholds in Ruddington are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ruddington 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 Ruddington 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 property.
I am a fortnight into a leasehold purchase having been referred to a firm by the local agent to carry out the conveyancing in Ruddington. I am am extremely frustrated with the quality of service. Could you help me find new solicitors?
A lawyer would have to be really bad to suggest diss instructing them. Has your mortgage offer been generated? If so you must advise them of the new contact details and get the loan are re-sent. Your new conveyancer needs to be on the banks approved list to avoid added costs and frustration. So that should be your starting point. Our find a solicitor tool should help you find a lender approved lawyer for your conveyancing in Ruddington