I am in the process of selling my house in Thornton Heath and the estate agent has just called to warn that the purchasers are switching conveyancer. The excuse is that the lender will only work with solicitors on their conveyancing panel. Why would a big named mortgage company only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Thornton Heath ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks attribute this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Thornton Heath? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Thornton Heath conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are required to check not just the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will lead to your conveyancer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
My home in Thornton Heath is up for sale and I have a purchaser. Does my conveyancing practitioner need to be on the HSBC conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the HSBC conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
About to purchase a new build apartment in Thornton Heath. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Thornton Heath
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are architect prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Are there any apps to assist me to identify a Thornton Heath solicitor on the Halifax conveyancing panel? I have a car and am willing to travel upto 20miles to meet the solicitor.
Feel free to make use of the search on this website. Please pick a mortgage company and your location and you will see a number of Thornton Heath conveyancing lawyers based on proximity. We have detailed some Thornton Heath conveyancing firms towards the end of this page and you can contact them to see if they are on the Halifax member panel
What is the average legal costs for conveyancing in Thornton Heath?
The average cost last year for conveyancing in Thornton Heath was £1,419 excluding SDLT and Land Registry charges.