What does my ID and proof of funds have anything to do with my conveyancing in Shifnal? What am I being asked for?
In order to comply with Money Laundering Regulations any Shifnal conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, conveyancers are duty bound to investigate not just the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I am considering applying for a Leeds Building Society mortgage for purchase of a new build (under development) in Shifnal with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
There is nothing to stop you using your solicitor, but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I used Wolstenholmes a few years past for my conveyancing in Shifnal. Now, I need the files however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Shifnal of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Shifnal differ for new build properties?
Most buyers of new build residence in Shifnal approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Shifnal tend to purchase the real estate, 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 conveyancing solicitors 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 Shifnal or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and found one near me in Shifnal I like with a park and station nearby, however it's only got 51 years on the lease. There is not much else in Shifnal for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
To what extent are Shifnal conveyancing solicitors duty bound by the Law Society to issue transparent conveyancing figures?
Inbuilt into the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be regarded as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, represent the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Shifnal or beyond.