I am nearing exchange of contracts for my apartment in Wombourne and the EA has just telephoned to say that the purchasers are swapping solicitor. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. Why would a major lender only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Wombourne ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The 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 Wombourne? What am I being asked for?
Wombourne conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no more than three months).
Proof of the origin of monies is also necessary under the money laundering statutes as lawyers have a duty to ensure that the money you are using to purchase a property (be it the exchange deposit or the full purchase amount where you are buying mortgage free) has originated from an acceptable source (such as employment savings) and is not the product of criminal behaviour.
I am planning on selling our property in Wombourne and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A high street Wombourne conveyancer would know this is not the case. It does beg the question why the purchasers used an online conveyancing outfit as opposed to a conveyancing solicitor in Wombourne. We have lived in Wombourne for 5 years we know of no issue. Is it a good idea to get in touch with our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor currently acting for you. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
Are there restrictive covenants that are commonly identified during conveyancing in Wombourne?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Wombourne. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I need to instruct a conveyancing solicitor for my conveyancing in Wombourne. I've stumble across a web site which seems to have the ideal solution If there is a chance to get all formalities completed via email that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
My brother-in-law has suggested I instruct a conveyancing solicitor in Wombourne. I I would like to check if they are on the lender's approved list of lawyers. Could you assist?
One option is to phone the lawyer to check if they are on the lender's panel. Alternatively please call us and we can make some checks for you. If they are not on the lender panel we can certainly arrange a reputable conveyancing solicitor in Wombourne on the panel for your mortgage company.