What does my ID and proof of funds have anything to do with my conveyancing in Sidcup? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Sidcup conveyancing firm will require proof of identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
Under Money Laundering Regulations, conveyancers are obliged by law to ascertain not just the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this will result in your solicitor cancelling 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 inform the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
I am buying a semi-detached house in Sidcup. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Sidcup you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Sidcup.
Forgive me if this question is silly but I am unexperienced as a first time buyer of a garden flat in Sidcup. Do I receive the keys to the premises on the completion date from my lawyer? If so, I will appoint a local conveyancing solicitor in Sidcup?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be called to receive the keys from the selling Agents and start moving into the property. This tends to happen early afternoon.
Is it correct that all Sidcup CQS (Conveyancing Quality Scheme) solicitors are on the Principality conveyancing panel?
It is true that some banks and building societies now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Sidcup bank branch on various occasions and was told they are content with the situation and they will lend. My Sidcup conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend in accordance with their specific requirements. I simply don't know who is right.
Provided that the conveyancer is on the lender panel, she or he must comply with the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a property in Sidcup? or Apparently there is a law dating back centuries that means some house owners residing in a parish church boundary will be compelled to contribute towards repairs towards the chancel within the church. Is this applicable for conveyancing in Sidcup?
Unless a previous acquisition of the premises completed post 12 October 2013 you can take it that lawyers handling conveyancing in Sidcup to remain encouraging a chancel search and or chancel repair liability insurance.
I have been on the look out for a ground for flat up to £195,000 and found one close by in Sidcup I like with open areas and station nearby, however it only has 51 remaining years left on the lease. There is not much else in Sidcup in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Are Sidcup conveyancing solicitors under an obligation to the Law Society to issue transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are specific rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a 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 intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, constitute 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 Sidcup or beyond.