I am not well enough to travel far from Arundel. I would like to know the reason why all Arundel conveyancing practitioners aren't included on all bank panels?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. It resulted in banks and building societies removing a number of firms from their official list of approved conveyancers .
Please help. My Arundel conveyancer is informing me me that he is legally obliged toconduct Arundel conveyancing searches becausethe firm are on the HSBCapproved lawyer panel. These Arundel checks cost a lot of money can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a home loan with a mortgage company your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the CML Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Arundel conveyancing searches.
In what way does my ID and proof of funds have anything to do with my conveyancing in Arundel? What am I being asked for?
Arundel conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Confirmation of source of funds is also necessary in compliance with the money laundering statutes as lawyers are obliged to check that the monies you are using to purchase a property (be it the exchange deposit or the full purchase amount if you are buying mortgage free) has come from an acceptable source (such as employment savings) as opposed to the fruits of illegitimate behaviour.
2 months have gone by following my purchase conveyancing in Arundel took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Arundel differ for new build properties?
Most buyers of new build or newly converted property in Arundel approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Arundel usually acquire 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 property lawyers 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 Arundel or who has acted in the same development.
When it comes to leasehold conveyancing in Arundel what are the most common lease problems?
Leasehold conveyancing in Arundel is not unique. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain elements of the premises
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Coventry Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.
Arundel Leasehold Conveyancing - Examples of Queries before buying
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What is the yearly service fee and ground rent? Are there any major works in the planning that will add a premium to the service costs? The majority of Arundel leasehold apartments will be liable to pay a service charge for the upkeep of the building levied by the management company. Should you purchase the flat you will have to pay this charge, usually quarterly accross the year. This may differ from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge for you to pay yearly, normally this is not a significant amount, say approximately £25-£75 but you need to enquire as on occasion it can be prohibitively expensive.