We are buying a 1 bedroom apartment in Hadley Wood with a mortgage. We like our Hadley Wood solicitor, however the mortgage company says she’s not on their "panel". It appears that we have no option but to use one of the lender panel conveyancing practices or retain our Hadley Wood lawyer and pay for one of their panel ones to act for them. We consider that this is unjust; can we not require that the bank use our Hadley Wood solicitor ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Hadley Wood conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Hadley Wood? Is this really warranted?
It is indeed that case that these requests have nothing to do with conveyancing in Hadley Wood. However these days you can not complete any conveyancing process in the absence providing proof of your identity. This usually takes the form of a either your passport or driving licence and a bank statement. Please note that if you are providing your driving licence as proof of identification it must be both the paper section as well as the photo card part, one is not sufficient without the other.
Evidence of the source of funds is necessary under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer will need to have this information on file. Your Hadley Wood conveyancing solicitor will need to see evidence of proof of funds prior to accepting any money from you into their client account and they may also ask additional questions regarding the source of monies.
2 months have elapsed following my purchase conveyancing in Hadley Wood concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Hadley Wood differ for newly converted properties?
Most buyers of new build property in Hadley Wood approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Hadley Wood typically purchase the site, 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 conveyancers 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 used to new build conveyancing in Hadley Wood or who has acted in the same development.
How do I use your search tool to get a fee calculation from a conveyancing lawyer in Hadley Wood on the authorised to act for my bank?
1st pick a bank such as Birmingham Midshires, Skipton Building Society or Godiva Mortgages Ltd then specify your location a common one being Hadley Wood. Conveyancing practices in Hadley Wood and across England and Wales should be listed.
There are plenty of houses in Hadley Wood on unadopted roads. We are purchasing such a property. What are the advantages and disadvantages of purchasing a property on a private road?
Hadley Wood conveyancing lawyers are familiar with dealing propertieson private. Your lawyer should review the Land Registry data to identify any rights or responsibilities. In many cases there is a management company (wholly owned by residents) that residents make annual payments to maintain the road. Where one exists, the road will likely be maintained and look better than council adopted.