My partner and I are getting closer to an exchange on a property in Bodmin and my mum and dad have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
Your conveyancer is obliged to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Bodmin? What am I being asked for?
In order to comply with Money Laundering Regulations any Bodmin conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing where you live.
In accordance with Money Laundering Regulations, conveyancing solicitors are duty bound to check not only the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
We hope to to buy with Melton Mowbray Building Society. I visited 3 or 4 local practices but am struggling to find a Bodmin conveyancing firm on the Melton Mowbray Building Society approved list. Could you help?
You should take advantage of the find a conveyancing panel solicitor tool on this site. Pick the lender and type Bodmin or your preferred area and you will be presented with a number of lawyer based in Bodmin or near you.
I am helping my niece sell her house in Bodmin. Does the conveyancing solicitor arrange an energy assessment or it is for the owner to coordinate?
After the abolition of Home Packs, energy assessments was kept a required part of selling a house. An EPC must be to hand in advance of the property being advertised. This is not as aspect of the sale process that law firms normally arrange. If you are using a Bodmin conveyancing practitioner they might help arrange energy performance certificates due to their relationships with long established local energy assessors
I'm the only recipient of my late mum's will with all property in now in my sole name, including the my former home in Bodmin. Conveyancing formalities meant that the Land Registry date was in March. I want to move. I understand that there is a CML six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in March. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. Most mortgage companies would take a pragmatic view as this requirement principally exists to capture the purchase and immediately sell or the wholesaling and assigning of properties.
Last month we had a mortgage agreed in principle with Co-operative. Bodmin conveyancing lawyers are selected. How long does it take for Co-operative to send the offer to the conveyancer?
Some lenders take longer than others. Have Co-operative conducted the valuation? Have you informed Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I opted to have a survey done on a property in Bodmin in advance of retaining lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some banks may not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. If you call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bodmin. Conveyancing will be smoother if you use a solicitor in Bodmin especially if they regularly deal with such properties in Bodmin.
Are the Bodmin conveyancing lawyers identified as being on the lender conveyancing panel, together with their details provided by the lender?
Bodmin law firm practices and firms carrying out conveyancing in Bodmin themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the bank directly.