What does my ID and proof of funds have anything to do with my conveyancing in Bedlington? Why is this being asked of me?
Bedlington conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Proof of source of monies is also required under the money laundering statutes as lawyers have a duty to check that the funds you are utilising to buy a property (whether it be the deposit for exchange or the total purchase monies if you are buying mortgage free) has come from an acceptable source (such as employment savings) rather than the product of illegitimate behaviour.
Will our lawyer be making enquiries regarding flooding as part of the conveyancing in Bedlington.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Bedlington. Plenty of people will purchase a house in Bedlington, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Bedlington. The conventional set of completed inquiry forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to discover if the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the seller, then a buyer could bring a legal claim for losses as a result of such an misleading answer. A buyer’s solicitors will also commission an environmental report. This will indicate if there is any known flood risk. If so, more detailed investigations should be made.
I bought my flat on 5 July and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Bedlington said it should be registered inside ten days. Are properties in Bedlington particularly slow to register?
There is nothing unique about conveyancing in Bedlington registration formalities. As opposed to being determined by geographic area, timescales can adjust subject to who lodges the application, whether there are errors and if the Land registry communicate with any third persons or bodies. At present roughly 80% of submission are completed within two weeks but some can be subject to protracted hold-ups. Historically registration occurs once the purchaser is living at the property thus post completion formalities is not always top priority yet where it is urgent that the the registration takes place urgently then you or your solicitor should speak with the land registry and explain the circumstances.
How does conveyancing in Bedlington differ for newly converted properties?
Most buyers of new build or newly converted property in Bedlington come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Bedlington typically acquire the real estate, 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 accustomed to new build conveyancing in Bedlington or who has acted in the same development.
How simple is it to use your search app to choose a conveyancing lawyer in Bedlington on the authorised to act for my bank?
1st choose a lender such as Birmingham Midshires, Chelsea Building Society or Alliance & Leicester then type in your preferred area such as Bedlington. Conveyancing organisations in Bedlington and nationally will then be shown.
My nephew is embarking on her first house purchase, the home loan was agreed last week in principle. One the offer was accepted on flat we telephoned the mortgage institution to issue the formal offer. We were disappointed to learn that mortgage lenders do not accept all lawyer, they must be on their panel, is this right?
Banks normally imposes restrictions either the type or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Bedlington conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.