What does my ID and proof of funds have anything to do with my conveyancing in Lacock? What am I being asked for?
In order to comply with Money Laundering Regulations any Lacock 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 showing where you reside.
Under Money Laundering Regulations, conveyancers are duty bound to check not only the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this may result in your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Can you help - my lawyer says that restrictive coveneant insurance is required on my purchase. What is the level of cover for Lacock conveyancing?
The right level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such policies.
We previously chose conveyancers located in Lacock on the Principality solicitor panel. They are now charging me an additional sum for dealing with the Principality mortgage. Is this an additional conveyancing fee set by Principality?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your conveyancing practitioner is entitled to charge a fee for this. This charge is not dictated by Principality but by your Lacock lawyer. Numerous firms on the Principality panel will quote an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
I had a mortgage agreed in principle with Barclays. Lacock conveyancing lawyers have been chosen. How long does it take for Barclays to send the offer to the conveyancer?
There is no definitive answer here. Have Barclays conducted the survey? Have you advised Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have been told that property searches are the main cause of stalling in Lacock house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Lacock.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Lacock is where the house is located. What do you suggest?
Flying freeholds in Lacock are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lacock you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lacock may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How simple is it to use your search app to locate a conveyancing practitioner in Lacock on the approved list for my bank?
Step one is to pick a lender such as Barclays , The Mortgage Works or Clydesdale then type in your preferred area e.g. Lacock. Conveyancing firms in Lacock and nationally should be shown.
I am short of a 10% deposit on my house purchase in Lacock , but I am anxious exchange. What can I do?
You can agree a lesser deposit. Most property owners will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second