My wife and I are buying a 3 bedroom flat in Strood with a mortgage. We have a Strood solicitor, but the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Strood conveyancing practitioner and pay for one of their panel firms to represent them. This seems very unfair; are we not able to insist that the bank use our Strood lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Strood conveyancing solicitor to apply to be on the conveyancing panel.
Due to complete my purchase in Strood next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These requirements are not limited to conveyancing in Strood.
In what way does my ID and proof of funds have anything to do with my conveyancing in Strood? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Strood. Nowadays you will not be able to proceed with any conveyancing process in the absence providing evidence of your identity. This usually takes the form of a either your passport or driving licence as well as a utility bill. Remember if you are providing your driving licence as evidence of identification it needs to be both the paper section and photo card part, one is not satisfactory without the other.
Evidence of your origin of money is required under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor will need to retain this information on file. Your Strood conveyancing solicitor will require evidence of proof of funds before they are able to accept any monies from you into their client account and they may also ask additional queries concerning the source of monies.
I am planning to acquire a property and need a conveyancing solicitor in Strood who is on the National Westminster Bank solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for National Westminster Bank in certain locations such as Strood. We dont recommend any particular firm.
Should my lawyer be asking questions regarding flooding during the conveyancing in Strood.
Flooding is a growing risk for solicitors dealing with homes in Strood. There are those who buy a house in Strood, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a various checks that can be initiated by the purchaser or by their conveyancers which should figure out the risks in Strood. The conventional set of completed inquiry forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to determine whether the property has ever been flooded. If the property has been flooded in past and is not revealed by the owner, then a buyer may issue a claim for damages resulting from an misleading reply. A purchaser’s conveyancers may also commission an environmental search. This will reveal if there is any known flood risk. If so, additional investigations will need to be made.
My company is hoping to take an assignment of a lease of a shop on a shopping parade. Can you recommend conveyancers offering competitive fees for commercial conveyancing in Strood for less than £2000?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Strood, including the sale and acquisition of businesses as well as simply premises. If you are hoping to buy or dispose of a shop, pub, restaurant, office, retail premises or a complete business we will put you in touch with the right lawyer. Regarding the charges these will vary based on the structure and complexity of the deal. Let us have your details or phone us so that we may supply you with a fixed commercial conveyancing quote.