Unfortunately I am unable to travel far from Waterloo. Can you please explain the reason why all Waterloo conveyancers aren't included on all mortgage company panels?
Before the recession most banks had an attitude to risk which is different from today. The FSA in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the solicitors on your panel. As a result, mortgage companies have subsequently soughtmore information from law firms about their operations and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have been removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of amount of transactions the mortgage companies set.
My partner and I intend to remortgage our penthouse in Waterloo with Bank of Ireland. We have a son 18 who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this form unique to the Bank of Ireland conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Bank of Ireland conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Bank of Ireland. This is solely used to protect Bank of Ireland if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Bank of Ireland had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
In what way does my ID and proof of funds have anything to do with my conveyancing in Waterloo? What am I being asked for?
Waterloo conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Evidence of source of monies is also necessary in compliance with the money laundering regulations as lawyers are duty bound to check that the funds you are using to purchase a property (be it the exchange deposit or the full purchase monies where you are buying without a mortgage) has come from an acceptable source (such as an inheritance) and is not the proceeds of criminal activity.
What can a local search tell me regarding the house I am buying in Waterloo?
Waterloo conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company such as Onsearch The local search is essential in every Waterloo conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
I need to instruct a conveyancing lawyer in Waterloo for my sale. Is there any facility to review a solicitor's record with the legal regulator?
You can see presented Solicitor Regulator Association (SRA) determinations stemming from investigations commenced on or after Jan 2008. Go to Check a solicitor's record. For information about the period before 1 January 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The regulator sometimes recorded call for training reasons.
Last December I purchased a leasehold house in Waterloo. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Waterloo Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
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On the whole the cost for major works are not wrapped into the maintenance charges, albeit that a few managing agents in Waterloo ask tenants to contribute towards a sinking fund and this is used to offset against larger repairs or maintenance. You should be aware if it is no more than 80 years it will impact the marketability of the apartment. Check with your lender that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you would be be obliged to have been the owner of the property for a couple of years before you are eligible to exercise a lease extension. Are any of leasehold owners in dispute over their service charge payments?