My husband and I are buying a 3 bedroom apartment in Seahouses with a mortgage. We like our Seahouses solicitor, however the lender says she’s not on their "panel". We have to appoint one of the lender panel firms or retain our Seahouses lawyer and pay for one of their panel ones to represent them. We regard this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Seahouses conveyancing solicitor to apply to be on the conveyancing panel.
I am buying a newly built flat in Seahouses and my lawyer is telling me that she is duty bound to the bank to disclose incentives from the developer. The Estate Agents are hassling me to exchange and I have no desire to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Seahouses? Why is this being asked of me?
Seahouses conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Confirmation of the origin of monies is also necessary under the money laundering laws as solicitors are required to check that the money you are using to buy a property (whether it be the deposit for exchange or the total purchase monies where you are buying without a mortgage) has originated from legitimate source (such as employment savings) as opposed to the fruits of criminal activity.
How does conveyancing in Seahouses differ for new build properties?
Most buyers of new build or newly converted property in Seahouses come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Seahouses typically buy the site, 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 property lawyers 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 Seahouses or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Seahouses is the location of the property. Can you shed any light on this issue?
Flying freeholds in Seahouses 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 Seahouses you would need to get your solicitor to go 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 Seahouses 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.
In my capacity as executor for the will of my father I am selling a house in Newport but live in Seahouses. My solicitor (approximately 235 kilometers awayhas requested that I execute a stat dec before completion. Could you suggest a conveyancing practitioner in Seahouses to attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are located in Seahouses