I can't travel far from Aston. I would like to know the reason why all Aston property lawyers aren't included on all mortgage company panels?
Lenders point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The elimination 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 outcome included recommendations for lenders to review their conveyancing panels, which triggered a major policy change in the sector. It led to lenders culling a number of firms from their official list of approved lawyers .
What does my ID and proof of funds have anything to do with my conveyancing in Aston? What am I being asked for?
Aston conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Evidence of the origin of monies is also necessary under the money laundering laws as solicitors are required to check that the money you are using to purchase a property (whether it be the deposit for exchange or the total purchase amount if you are a cash purchaser) has come from a reputable source (such as an inheritance) as opposed to the fruits of criminal activity.
I am helping my sister sell her property in Aston. Does the solicitor commission the energy performance certificate or it is for the owner to see to?
After the demise of Home Information Packs, energy performance certificates was retained a compulsory part of moving house. An energy performance certificate must be commissioned prior to the property being marketed. It is not something that lawyers ordinarily organise. If you are using a Aston conveyancing lawyer they might be able to arrange energy assessments given their contacts with reputable Aston accredited person
I have been advised by my solicitor that lack of planning permission insurance is required on my purchase. What is the level of cover for Aston conveyancing?
The right level of lack of planning permission indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and Leeds Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
I have today made my last payment due on my mortgage with Yorkshire BS. I assume I don't need a Aston lawyer on the Yorkshire BS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
I appreciate that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when acquiring a residence in Aston? or I am told that there is an ancient law that could mean that owners of property living in a parish church boundary may be liable to pay for maintenance to the chancel in proximity to the church. Is this a legitimate concern for conveyancing in Aston?
Unless a prior purchase of the property took place after 12 October 2013 you may assume that solicitors delivering conveyancing in Aston to continue to recommend a chancel search and or chancel repair liability insurance.
I'm buying my first flat in Aston with a loan from Bank of Ireland. The developers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent told me not disclose to my conveyancer about this side-deal as it will impact my mortgage with Bank of Ireland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Please can you explain what options are available to me if my Aston conveyancing searches shows adverse results?
Normally, the majority of concerns revealed in Aston conveyancing search responses can be dealt with before completion or indemnity insurance may be taken. You should note that although you are buying the premises and may be willing to accept the search results, your building society or bank may not, and ultimately they have the final say.