My wife and I are hoping to acquire a home in Ulceby and are in fact using a Ulceby conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Virgin Money have this morning contacted us to advise us that there is now an issue as our Ulceby conveyancer is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is normal for the purchasers' solicitors 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Ulceby lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My conveyancer has discovered a defect with the lease for the property we are purchasing in Ulceby. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the bank is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Ulceby? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Ulceby conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, property lawyers are required to check not just the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may lead to your conveyancer terminating their retainer 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 inform the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
My wife and I buying a terrace house in Ulceby. We would like to carry out an extension to the side at the property.Will the conveyancing process involve investigations to ascertain if these alterations are allowed?
Your solicitor will review the deeds as conveyancing in Ulceby can on occasion reveal restrictions in the title deeds which prevent certain alterations or need the consent of another owner. Many extensions need local authority planning consent and approval under the building regulations. Certain areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor before you commit yourself to a purchase.
Does a directory service exist listing Leeds Building Society panel conveyancers in Ulceby on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the CML or Building Society Association sites. Very few lenders make their panel listings visible online. Where you are seeking to appoint a Ulceby property lawyer on the Leeds Building Society please use our tool.
We are getting the release of further funds on our home loan from Santander as we wish to conduct a loft conversion to our house in Ulceby. Do we need to choose a high street Ulceby solicitor on the Santander conveyancing panel to deal with the paperwork?
Santander don't usually instruct a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander conveyancing panel.
My step-father has recommend that I appoint his conveyancers in Ulceby. Should I choose my own conveyancer?
Much as we are happy to recommend a Ulceby conveyancing lawyer the ideal way to choose a conveyancing practitioner is to seek feedback from friends or family who have actually previously instructed the firm you're are thinking of instructing.
We have an offer in principle from Birmingham Midshires who have advised that they will lend up to £117k. When do we need to instruct a lawyer for conveyancing? Ulceby is where we are .
It would be wise to instruct a conveyancing practitioner now and ask them to create a file on your behalf. This will kickstart: 1) the selling agent to send out the Sales Memo to all parties 2) the seller’s conveyancing practitioner to send out the draft contract. However, do not ask your property lawyer to start searches until you have your valuation report via Birmingham Midshires and you are happy to proceed.