My husband and I are looking to buy a house in West Norwood and have appointed a West Norwood conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Santander have this evening contacted us to advise us that they have now hit a problem as our West Norwood solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also act for the purchaser's lender. 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 property lawyer should contact your lender 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred West Norwood lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
What does my ID and proof of funds have anything to do with my conveyancing in West Norwood? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in West Norwood. However these days you will not be able to complete any conveyancing process if you have not handing over proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a council tax bill. Please note that if you are supplying your driving licence as proof of identification it needs to be both the paper part as well as the photo card part, one is not satisfactory in the absence of the other.
Proof of your origin of funds is necessary in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancing solicitor must retain this information on file. Your West Norwood conveyancing solicitor will require evidence of proof of funds prior to accepting any money from you into their client account and they may also ask further questions regarding the source of monies.
Just acquired a terraced house in West Norwood , What is the estimated time for the Land Registry to register my ownership? My West Norwood conveyancing solicitor works at snail pace, so I want to check that my purchase is registered.
As far as conveyancing in West Norwood registration is no quicker or slower than anywhere else in the country. Rather than based on location, timeframes can adjust depending on the party submitting the application, whether it is in order and whether the Land registry communicate with any third parties. At present in the region of 80% of submission are completed within two weeks but some can be subject to extensive hold-ups. Historically registration takes place once the buyer is living at the property thus post completion formalities is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your lawyers should communicate with the Registry to express the reasoning for an expedited registration.
I'm purchasing a new build house in West Norwood with a loan from Birmingham Midshires. The developers would not move on the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not inform my lawyer about this deal as it could adversely affect my loan with the lender. Should I keep quiet?.
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.
Due to the input of my in-laws I had a survey completed on a house in West Norwood in advance of appointing solicitors. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some lenders may not grant a loan on such a home.
It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in West Norwood. Conveyancing will be smoother if you use a solicitor in West Norwood especially if they are acquainted with such properties in West Norwood.
I'm refinancing my current property to a BTL mortgage with Norwich and Peterborough Building Society and I will use the rest of the raised equity as a down payment on a second property. The location we are interested in is West Norwood. Will your solicitors be able to act for both sets of lenders and tie in the two deals?
Make use of our search tool on this page to check that the solicitors are approved by both lenders. On the basis that they are the conveyancer will be able to tie up the two conveyancing matters but you should talk with you lawyer and make clear your expectations and requirements.