I am selling my apartment in Plasmarl and the EA has just text me to advise that the buyers are appointing a new law firm. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a major lender only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Plasmarl ?
Lenders have always had panels of law firms that can represent them, but in the last few 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.
Lenders blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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 buyers are not going to have any sway in the decision.
My nephew is purchasing a newly built flat in Plasmarl with a mortgage from Virgin Money. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in Plasmarl? What am I being asked for?
To satisfy the Money Laundering Regulations any Plasmarl conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing where you reside.
Under Money Laundering Regulations, conveyancing solicitors are required to ascertain not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers 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.
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Plasmarl. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Nottingham, pay off the mortgage. Is this allowed?
Given you intend to re-mortgage then Nottingham will require that you use a conveyancer on the Nottingham conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nottingham conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nottingham mortgage is registered as a charge at the Land Registry.
The deeds to my home can not be found. The solicitors who conducted the conveyancing in Plasmarl 10 years ago have long since closed. What are my options?
As long as the title is registered the details of your proprietorship will be documented by the Land Registry with a Title Number. It is easy to carry out a search at the Land Registry, locate your house and secure current copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will also normally retain a certified duplicate of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
Am I best advised to instruct a Plasmarl conveyancing solicitor based in the area that I am buying? An old friend can conduct the legal formalities but his firm is located 400kilometers away.
The benefit of a high street Plasmarl conveyancing firm is that you can drop in to execute documents, deliver your identification documents and pester them if necessary. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were impressed that should trump using an unfamiliar Plasmarl conveyancing lawyer solely due to them being Plasmarl based.