Our lawyer has uncovered a a legal deficiency with the lease for the property we are buying in Abbey Wood. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Abbey Wood? What am I being asked for?
Abbey Wood conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill no older than three months).
Evidence of source of monies is also necessary in compliance with the money laundering regulations as solicitors are duty bound to investigate that the monies you are utilising to purchase a property (be it the exchange deposit or the full purchase price if you are buying mortgage free) has come from a reputable source (such as an inheritance) as opposed to the product of illegitimate behaviour.
I am thinking of refinancing my house in Abbey Wood, does my lawyer need to be on the Principality Conveyancing panel?
There is nothing to stop you using your solicitor, but Principality will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
We have a mortgage agreed in principle with TSB. Abbey Wood conveyancing practitioners have been selected. How long does it take for TSB to issue the offer to the solicitor?
Some lenders take longer than others. Have TSB done the survey? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am buying a property in Abbey Wood. A rare aspect is that the roof has a solar panel. Santander have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Santander your lawyer must follow the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Santander where a lease fails to meet these conditions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Abbey Wood.
I am selling my house. I had a double glazing fitted in August 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, RBS are being problematic. The Abbey Wood solicitor who is on the RBS conveyancing panel is saying indemnity insurance will be fine but RBS are requiring a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I used Wolstenholmes several years past for my conveyancing in Abbey Wood. Now, I need my documents however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Abbey Wood of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I have been advised by many estate agents to expect six to eight weeks for Abbey Wood conveyancing to complete.This was four weeks ago. The property information was only forwarded from the vendors conveyancing practitioner yesterday so does the time start running now?
You should be realistic concerning timelines. Moving home in Abbey Wood usually takes about two months. This timeframe is not because property lawyer are slow and purposely delay matters. The level of money involved in buying any property is so high, the buyer’s conveyancing practitioner having to raise a wide range of enquiries, searches and supplemental checks to protect the buyer and their lender (if there is to be a mortgage) from expensive, avoidable problems. These investigations involves seeking information from various different parties, including other property lawyer, local councils, private companies, building societies and banks. Some of these are efficient. Others aren't. And remember, it doesn't matter how quickly your lawyer do their part, if the people you are purchasing from or are selling to aren't ready, nothing can go ahead until they are.