My partner and I are looking to acquire a flat in Water Orton and have instructed a Water Orton conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Virgin Money have this evening contacted us to inform me that there is now an issue as our Water Orton conveyancer is not on their approved list of lawyers. Is this a problem?
If you are buying a property requiring a mortgage it is standard 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 mortgage company 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 the bank's conveyancing panel and you may continue to use your own Water Orton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We are acquiring a new build flat in Water Orton and my solicitor is advising me that she is duty bound to the mortgage company to reveal incentives from the seller. I am under pressure to sign contracts and I have no desire to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Water Orton? Is this really warranted?
Water Orton conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under money laundering regulations to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Evidence of source of funds is also required in accordance with the money laundering regulations as solicitors have a duty to check that the money you are using to acquire a property (whether it be the deposit for exchange or the total purchase amount where you are buying without a mortgage) has originated from legitimate source (such as an inheritance) and is not the fruits of criminal behaviour.
Various online forums that I have frequented warn that are the primary reason for hinderance in Water Orton house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Water Orton.
I am looking for a flat up to £305k and found one close by in Water Orton I like with amenity areas and transport links nearby, however it's only got 49 years on the lease. I can't really find anything else in Water Orton suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years may be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am downsizing from my house. My past solicitors closed down. I would be grateful for any recommendation of a conveyancing firm. Im based in Water Orton if that makes a difference.
Do use our search tool to help you find a solicitor for your conveyancing in Water Orton. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.