Our Cornwall solicitor has uncovered a discrepancy between the information in the valuation report and what is revealed within the title deeds. My solicitor has advised that he is duty bound to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Cornwall? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Cornwall conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are duty bound to check not only the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor ending 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 believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Various web forums that I have come across warn that are the main cause of stalling in Cornwall conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Cornwall.
I have been on the look out for a flat up to £195,000 and found one round the corner in Cornwall I like with open areas and station nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Cornwall for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
My company is planning to take over a lease of a shop on a shopping parade. Can you recommend solicitors offering competitive fees for commercial conveyancing in Cornwall for below £2000?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Cornwall, including the disposal and purchase of businesses as well as simply property. If you are looking to acquire or lease a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right firm. Regarding the fees these will vary based on the structure and complexity of the proposed transaction. Let us have your contact information or phone so as to enable us to furnish you with a detailed commercial conveyancing calculation.
My lawyer in Cornwall has requested from me personal identification documents asserting that this forms part of his obligations as a solicitor on the lender Solicitor panel. Can you confirm whether this is the case?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the mortgage company. This is not specific to conveyancing in Cornwall