My wife and I are looking to buy a home in Sheen Park and are in fact using a Sheen Park conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Accord Mortgages Ltd have this afternoon contacted us to inform me that there is now an issue as our Sheen Park conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Sheen Park lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
In what way does my ID and proof of funds have anything to do with my conveyancing in Sheen Park? Is this really necessary?
In order to comply with Money Laundering Regulations any Sheen Park conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancers are required to validate not only the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will lead to your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
three months have elapsed since my purchase conveyancing in Sheen Park completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How do I use the search app to select a conveyancing lawyer in Sheen Park on the panel for my bank?
First choose a mortgage company such as Yorkshire Building Society, Norwich and Peterborough Building Society or Alliance & Leicester then type in your location such as Sheen Park. Conveyancing organisations in Sheen Park and beyond will then be listed.
I am looking for a conveyancing solicitor in Sheen Park for my house move. Is there any facility to check a firm’s record with the legal regulator?
One can review published Solicitor Regulator Association (SRA) decisions stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, dial +44 (0)121 329 6800. The regulator could recorded telephone calls for training requirements.
Are the Sheen Park conveyancing lawyers identified as being on the lender conveyancing panel, together with their details provided by the mortgage company?
Sheen Park law firm practices and firms carrying out conveyancing in Sheen Park themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the lender directly.