I am acquiring a ground floor flat in Brading. My Conveyancer has never been on on the mortgage company solicitor panel. Is it possible for me to continue with my Brading conveyancing solicitor notwithstanding that they are excluded from the mortgage company list of approved lawyers?
You must appoint a property lawyer to deal with the formalities if you take out a mortgage to buy your home. The property lawyer will carry out all the necessary investigations on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. You can select a Brading solicitor of your choosing. However, if the conveyancing practitioner selected is not on the mortgage company conveyancing panel supplemental fees will arise as separate legal representation will be need by the lender. Bank panel applications may be submitted, so where your solicitor has not in the past sought membership they should take the opportunity to apply.
In what way does my ID and proof of funds have anything to do with my conveyancing in Brading? Is this really warranted?
Brading conveyancing solicitors and indeed property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to ensure 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 proof of address (usually a Utility Bill less than 3 months old).
Proof of source of monies is also necessary under the money laundering regulations as solicitors have a duty to investigate that the monies you are using to acquire a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has come from an acceptable source (such as an inheritance) and is not the product of criminal activity.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would prefer to appoint a Brading based conveyancing firm?
Do check but the chances are that give you one of their panel solicitors where you accept the "fee-free" incentive. Contact the mortgage company to determine if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Brading.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a house in Brading? or Apparently there is a law dating back centuries that means some owners of property living in a parish church boundary will be compelled to contribute towards repairs towards the chancel in proximity to the church. Is this relevant for conveyancing in Brading?
Unless a prior acquisition of the property completed post 12 October 2013 you can assume that solicitors delivering conveyancing in Brading to remain encouraging a chancel search and or chancel repair liability policy.
I am buying my first flat in Brading benefiting from help to buy. The builders refused to reduce the amount so I negotiated £7000 of additionals instead. The sale representative advised me not to tell my solicitor about the deal as it may impact my mortgage with Skipton Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I'm refinancing my primary house to a BTL mortgage with Lloyds TSB Bank and I will use the rest of the raised equity as a deposit on a second property. The neighborhood we are interested in is Brading. Will your conveyancers be able to act for both sets of banks and link together the conveyances?
Do use our comparison tool on this page to be sure that the lawyers are approved by both mortgage companies. Having checked that they are the lawyer should be able to tie up the two conveyancing matters but you should talk with you lawyer and specify your desired outcome and requirements.