Is the fact that my solicitor in Abbey Wood is not on my mortgage company's conveyancing panel that there is a problem with the quality of her conveyancing?
That is most likely an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Abbey Wood conveyancing firm and enquire why they are no longer on the approved list for your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in Abbey Wood? Is this really necessary?
Abbey Wood conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Confirmation of source of funds is also necessary under the money laundering laws as conveyancers are duty bound to ensure that the money you are using to buy a property (be it the exchange deposit or the full purchase amount where you are a cash purchaser) has originated from an acceptable source (such as an inheritance) rather than the proceeds of criminal behaviour.
How does conveyancing in Abbey Wood differ for new build properties?
Most buyers of new build residence in Abbey Wood come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Abbey Wood tend to buy 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 conveyancing solicitors 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 Abbey Wood or who has acted in the same development.
Am I right to be wary that 3rd parties that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a local Abbey Wood conveyancing firm?
As with lots of service providers, often recommendations from relatives can be worth their weight in gold. Yet there are many people with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may recommend solicitors to select. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You are free to choose your own lawyer. Don't forget that the majority of mortgage providers operate an approved list of conveyancers you must use for the lender aspect of your house move.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Abbey Wood. I have discover a web site which seems to have the ideal solution If there is a chance to get all this stuff completed via phone that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I previously told by my bank that their approved solicitors operate no completion no fee basis for conveyancing in Abbey Wood. Our purchase did not proceed yet the conveyancers have invoiced for search fees! They are claiming that the fees are independent!
By offering "no move no fee" Abbey Wood conveyancing firms are writing off their fees for any work carried out. We should point out that this is not to be regarded as an insurance scheme. you will still need to pay for any disbursements that your conveyancing practitioner has outlayed on your behalf for instance Abbey Wood local authority searches