My solicitor has uncovered a a problem with the lease for the flat we are buying in Rufford. The other side have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must check that the lender is happy with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions must be adhered to.
What does my ID and proof of funds have anything to do with my conveyancing in Rufford? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Rufford. However these days you will not be able to proceed with any conveyancing transaction in the absence providing proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are supplying your driving licence as evidence of identification it must be both the paper part and photo card part, one is not acceptable without the other.
Verification of your origin of monies is mandated under Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancing solicitor will need to retain this information on file. Your Rufford conveyancing lawyer will require evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask further queries concerning the origin of monies.
I had intended to instruct a property lawyer in Rufford for our home move. Our broker has since notified us that our mortgage company Nottingham Building Society won't deal with them. Surely this is unfair competition?
Pre- 2008 most banks had an appetite for risk which was higher than today. Almost all Rufford conveyancing firms would have been on many bank panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms regarding their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum volume of transactions. Many Rufford conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Rufford is amongst the many locations where the conveyancers we list are members of the panel for Nottingham Building Society.
I opted to have a survey completed on a house in Rufford ahead of retaining lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies will not issue a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Rufford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Rufford to see if the conveyancing will be more expensive.
I need to appoint a conveyancing solicitor for my conveyancing in Rufford. I have land on a web site which appears to be the ideal offering If there is a chance to get all the legals completed via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
We have selected a Rufford conveyancing solicitor for our house purchase (FTB’s) and have noticed in the engagement letter that they are not overseen by the Financial Conduct Authority. Need I be concerned or is that usually the case with solicitor?
We can't see why they should be. Most lawyer don't lend money. You should check that they are governed by the Solicitors Regulation Authority, who have specific laws covering amounts deposited on client account.