My husband and I are purchasing a newly constructed apartment in Cholsey and my solicitor is telling me that she is duty bound to the lender to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Cholsey? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Cholsey 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 bill showing where you reside.
In accordance with Money Laundering Regulations, conveyancers are required to ascertain not simply the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will result in your solicitor cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Should our lawyer be asking questions concerning flooding during the conveyancing in Cholsey.
Flooding is a growing risk for conveyancers carrying out conveyancing in Cholsey. There are those who purchase a property in Cholsey, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which will figure out the risks in Cholsey. The conventional set of property information forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to find out whether the property has historically flooded. If flooding has previously occurred which is not notified by the vendor, then a buyer could issue a claim for damages as a result of such an incorrect answer. The buyer’s conveyancers will also commission an enviro search. This will reveal if there is any known flood risk. If so, additional inquiries will need to be conducted.
The deeds to our property are lost. The lawyers who dealt with the conveyancing in Cholsey 10 years ago have long since closed. What are my options?
Gone are the days when you need to hold title deeds to prove you are the registered proprietor of land or premises, given that the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Cholsey differ for newly converted properties?
Most buyers of new build residence in Cholsey contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Cholsey tend to acquire the real estate, 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 property lawyers 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 Cholsey or who has acted in the same development.
What does commercial conveyancing in Cholsey cover?
Non domestic conveyancing in Cholsey covers a wide range of guidance, provided by qualified solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.