My partner and I are hoping to buy a flat in Streatham and are in fact using a Streatham conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Lloyds TSB Bank have this morning contacted us to advise us that they have now hit a problem as our Streatham solicitor is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Streatham solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
In what way does my ID and proof of funds have anything to do with my conveyancing in Streatham? Why is this being asked of me?
Streatham conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Proof of the origin of funds is also necessary in compliance with the money laundering laws as lawyers are mandated to check that the funds you are using to purchase a property (be it the exchange deposit or the total purchase amount where you are a cash purchaser) has originated from an acceptable source (such as employment savings) rather than the fruits of illegitimate activity.
My lender has recommended solicitors on their panel based in Streatham but I would rather choose a conveyancing lawyer in Streatham or nearer to where I live. Can you help?
Far from all Streatham conveyancing practitioners are approved and listed on all banks conveyancing panel. Please make the most of our search tool to find a Streatham conveyancing firm on the on the lender panel.
Various internet forums that I have visited warn that are a common cause of delay in Streatham conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Streatham.
The deeds to my home can not be found. The lawyers who dealt with the conveyancing in Streatham 5 years ago have long since closed. What are my next steps?
You no longer need to hold title deeds to evidence that you own the land or premises, given that the Land Registry have everything they need in a digital format.
I am selling my home. My previous lawyers has retired. I would be grateful for any recommendation of a conveyancing firm. Im based in Streatham if that makes things easier.
Do use our search tool to help you choose a solicitor for your conveyancing in Streatham. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs smoothly.