We are nearing an exchange on a house in Tamworth and my mum and dad have sent the ten percent deposit to my property lawyer. I am now advised that as the deposit has been received from someone other than me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your conveyancing practitioner is obliged to check with lender to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Tamworth? What am I being asked for?
Tamworth conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no older than three months).
Proof of the origin of funds is also required under the money laundering regulations as lawyers have a duty to investigate that the funds you are using to buy a property (whether it be the deposit for exchange or the full purchase amount if you are buying without a mortgage) has come from a reputable source (such as employment savings) and is not the fruits of illegitimate behaviour.
I am considering refinancing my home in Tamworth, does my lawyer need to be on the Lloyds Conveyancing panel?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Me and my partner are buying a flat in Tamworth. It might be a silly question but how we can trust a conveyancer? On completion day we will need to deposit money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to mortgage companies such as TSB, do Tamworth solicitors have to pay a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
How can we tell if a Tamworth conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Tamworth seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the lawyer handling your transaction.
I'm purchasing my first flat in Tamworth benefiting from help to buy. The builders refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not inform my lawyer about this deal as it would affect my mortgage with Platform Home Loans Ltd. Is this normal?.
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.
I am purchasing a garden apartment in Tamworth. Conveyancing solicitor is waiting for, from the vendor, building insurance paperwork. Earlier today I was advised that the seller must send the insurance schedule for the flat above also. Why does my conveyancer need to check the insurance for the other flat? Is it really necessary? We have been stalled for the last fortnight…
It is not impossible in leasehold conveyancing in Tamworth to discover Conveyancing in Tamworth in a minority of cases reveals that the lease provides for the tenant's to insure their individual flats as opposed to the landlord insuring the whole building - which is clearly preferable. Do clarify with your lawyer but it would appear that your lawyer is looking to verify that the entire building is insured. Insuring your residence is no help when it comes to rebuilding after a fire if the 1st floor cannot be reinstated for lack of insurance.