In what way does my ID and proof of funds have anything to do with my conveyancing in Barnet? Why is this being asked of me?
Barnet conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Proof of the origin of monies is also necessary under the money laundering regulations as lawyers are mandated to ensure that the money you are using to purchase a property (whether it be the deposit for exchange or the full purchase amount where you are a cash purchaser) has come from a reputable source (such as employment savings) rather than the proceeds of illegitimate activity.
I had intended to instruct a property lawyer in Barnet for our house purchase. Our broker informed us that our mortgage lenders Virgin Money won't deal with them. Why is this not regarded as unfair competition?
Lenders on the whole imposes restrictions either the type or the volume of conveyancing solicitors on their member panel. Typical examples of such criteria being that a law practice must have two or more partners. As well as restricting the type of firm, a few banks have limited the number of firms they use to act for them. You should note that Virgin Money have no responsibility for the quality of advice provided by any member of Virgin Money Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels since 2008 even though there remains mixed opinions concerning the level of solicitor engagement in some of that fraud. Data from the Land Registry indicate that plenty of law firms, including some in or near Barnet only carry out a couple conveyances per annum.
My wife and I have arranged the release of further monies on our mortgage from Leeds Building Society as we want to conduct a loft conversion to our property in Barnet. Are we obliged to appoint a local Barnet solicitor on the Leeds Building Society conveyancing panel to deal with the paperwork?
Leeds Building Society don't usually appoint firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society conveyancing panel.
The mortgage over my property is with Skipton for my property in Barnet. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
You must advise Skipton before renting your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. It should not be necessary to do this via a Skipton conveyancing panel solicitor.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Barnet solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Barnet postcode. As you are getting a mortgage with Skipton, you could contact them to see if they have a list of approved surveyors in Barnet.
Are there restrictive covenants that are commonly picked up during conveyancing in Barnet?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Barnet. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
In surfing the internet for the term on line conveyancing in Barnet it shows results of many solicitorsin the vicinity. How do I determine which is the suitable solicitor for my move?
The preferential way of finding a suitable conveyancer is via personal testimonial, so ask friends and relatives who have bought a property in Barnet or the respected estate agent or mortgage broker. Charges for conveyancing in Barnet differ, so it's a good idea to obtain a minimum of three quotes from different companies. Be sure to secure confirmation that the fees are fixed.
I have been searching for Barnet online conveyancing estimates. Can I be confident that all the Barnet firms that are identified on your website are on the lender conveyancing panel?
The law firms on our directory have advised us that they are on the mortgage company panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Barnet conveyancing solicitor being on the mortgage company conveyancing panel is incorrect.