The Stanstead Abbotts conveyancing firm handling our Stanstead Abbotts conveyancing has discovered a difference between the assumptions in the valuation survey and what is in the conveyancing documents. My lawyer has advised that he needs to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Stanstead Abbotts? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Stanstead Abbotts 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 account showing where you reside.
Under Money Laundering Regulations, property lawyers are required to ascertain not only the ID 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 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 are duty bound to inform the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
How does conveyancing in Stanstead Abbotts differ for newly converted properties?
Most buyers of new build residence in Stanstead Abbotts contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Stanstead Abbotts typically purchase the land, 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 Stanstead Abbotts or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Stanstead Abbotts ahead of retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some banks will refuse to issue a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Stanstead Abbotts. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stanstead Abbotts to see if the conveyancing costs will increase in light of this.
I was recommended by numerous property agents in Stanstead Abbotts to get a quote from a property lawyer using your seach tool. What’s the financial upside for Estate Agents to recommend your lawyers over a competitor’s?
We don’t offer any referral fee for sending work our way. We found it would be just too difficult to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
What are the distinct benefits to selecting a local conveyancer in Stanstead Abbotts
Home movers in Stanstead Abbotts decide on using a local lawyer so that they can visit in the event that they have concerns, and to execute mortgage deeds without using the post.
One could argue that there exists a distinct edge in selecting a lawyer local to a premises you are buying, due to the in-depth knowledge of the area and potential local concerns - nevertheless this is debatable. Many conveyancers undertaking their communications online and could be anywhere in the world.