In what way does my ID and proof of funds have anything to do with my conveyancing in South West London? What am I being asked for?
South West London conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Proof of source of funds is also required under the money laundering regulations as lawyers are obliged to ensure that the money you are utilising to purchase a property (whether it be the deposit for exchange or the total purchase amount where you are buying without a mortgage) has originated from an acceptable source (such as employment savings) as opposed to the fruits of criminal behaviour.
I am buying a terraced house in South West London. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in South West London you will have to appoint a solicitor on your mortgage company'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 South West London.
This question may be naive but I am unseasoned as FTB of a ground floor flat in South West London. Do I receive the keys to the house on completion from my lawyer? If so, I will use a local conveyancing solicitor in South West London?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the seller's lawyers, and shortly after the monies have arrived, you should be able to pick up the keys from the Estate Agents and start moving into the property. Usually this occurs between 1 and 3pm.
We are planning to move property in March. Does my conveyancing solicitor liaise with the removal company on the completion day. Incidentally, can you recommend a removal company in South West London. Conveyancing firm was found before I stumbled across your site.
On the day of completion you can collect the keys from the estate agent however this should only occur when the sellers solicitors inform the agent that they acknowledge receipt of the completion payment and the keys can be passed over. Subsequently you should inform the removal company that they can start moving you in. As a matter of policy we do not suggest a particular removal organisation but can assist you in choosing a conveyancing in South West London or a lawyer that specialises in conveyancing in South West London.
I had a mortgage agreed in principle with Clydesdale. South West London conveyancing lawyers were instructed. How long does it take for Clydesdale to forward the offer to the lawyer?
Some lenders take longer than others. Have Clydesdale completed the valuation? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am purchasing a new build house in South West London with a mortgage from Norwich and Peterborough Building Society. The builders refused to reduce the amount so I negotiated 6k of additionals instead. The house builders rep told me not reveal to my solicitor about this deal as it would impact my mortgage with Norwich and Peterborough Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Should I be suspicious about 3rd parties that I am dealing with are suggesting a web based conveyancing firm as opposed to a local South West London conveyancing company?
As with lots of service providers, often referrals from relatives can be extremely useful or valuable. Yet there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and lenders might all suggest solicitors to use. Sometimes these solicitors might be known to one of the organisations as being good in their field, but occasionally there may be a financial incentive behind the recommendation. You are free to appoint your preferred conveyancer. However, bear in mind that some lenders operate an approved list of solicitors you are obliged to use for the mortgage aspect of your conveyancing.
What is the reason for my conveyancer requiring various items of identification ahead of starting my conveyancing in South West London?
South West London conveyancers are required by the Law Society, Solicitors Regulation Authority, HMLR and current Money Laundering Regulations to certify that the have verified the identity of their clients. It will also be a condition of your bank if you are obtaining a mortgage. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, national insurance number and DOB.