I am not well enough to travel far from Umberleigh. Please spell out why all Umberleigh lawyers are not on all mortgage company panels?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in banks and building societies removing less reputable firms from their official list of approved property lawyers .
What does my ID and proof of funds have anything to do with my conveyancing in Umberleigh? Is this really necessary?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the ID of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Client Care letter that you need to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to hand over ID verification documents, your solicitor will not be able to take you on as a client.
Have just purchased a repossessed house at auction in Umberleigh. Conveyancing is required. What is next?
Now that you are exchanged you must retain a conveyancing practitioner as a matter of priority as you are faced with a pending a fixed date to complete the deal. All auction property will ordinarily have an associated auction set of papers. This will include evidence of title and search results. If you have purchased leasehold property the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You must give this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding organised to complete on the date specified in the contract.
Last month we had a mortgage agreed in principle with Coventry BS. Umberleigh conveyancing practitioners have been appointed. How long does it take for Coventry BS to issue the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Coventry BS conducted the valuation? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have decided to exercise my right to buy my property in Umberleigh off the council. I have a mortgage offer with Yorkshire BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
How does conveyancing in Umberleigh differ for new build properties?
Most buyers of new build or newly converted property in Umberleigh approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Umberleigh tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Umberleigh or who has acted in the same development.
I opted to have a survey carried out on a property in Umberleigh ahead of retaining solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some lenders may not grant a mortgage on a flying freehold home.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Umberleigh. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Umberleigh to see if the conveyancing costs will increase in light of this.
My wife and I are acquiring a first floor flat in Umberleigh. At the point of instructing our lawyer, we were told they were on all major UK bank panels. The mortgage broker contacted us just now to advise that they are not on the Kent Reliance approved list. If it turns out to be true, what should we do? Do we just find a new solicitor that is on their approved list or do we cover the costs for separate representation, with Kent Reliance selecting their own approved conveyancing practitioner.
Where you are buying a property requiring a mortgage it is usual for the purchaser’s lawyers to also act for the mortgage company. In order to act for a bank or building society a solicitor has to be on that lender's conveyancing panel. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to meet. Some banks now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your lawyer should call Kent Reliance 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 are not legally obliged to appoint a law firm on Kent Reliance's conveyancing panel and you may continue to use your own Umberleigh solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another conveyancer into the equation.