We are acquiring our first house. The lawyer has messagedto enquire if we wish to purchase supplemental conveyancing searches. We are really unsure what's necessary for conveyancing in South Molton
The number and type of South Molton conveyancing searches should be dictated primarily on the property, the location, the probability of any of these risks, your knowledge of the locality and risks, your overall appetite to risk. What is important is that you properly comprehend what information each search could provide. Then you can decide if you consider that you need that information. Should you be unsure, ask your solicitor to explain.
What does my ID and proof of funds have anything to do with my conveyancing in South Molton? Is this really necessary?
To satisfy the Money Laundering Regulations any South Molton conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility account evidencing your correct address.
In accordance with Money Laundering Regulations, property lawyers are duty bound 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 lead to your solicitor 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 relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I am selling my flat in South Molton. Does my conveyancing practitioner have to be required to be on the Santander conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Santander conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
I need some expedited conveyancing in South Molton as I am under a deadline to exchange contracts within one month. Fortunately I do not require a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
As you are are a cash buyer you are at liberty not to have searches conducted although no law firm would recommend that you don't. Drawing on years of experience of conveyancing in South Molton the following are examples of issues that can crop up and therefore affect future saleability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Railway Schemes,...
I am purchasing my first flat in South Molton with the aid of help to buy. The sellers would not move on the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my lawyer about the side-deal as it would affect my loan with Britannia. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, no chain conveyancing. South Molton is the location of the property. Can you shed any light on this issue?
Flying freeholds in South Molton 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 South Molton you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in South Molton may decide 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.