I am selling my home in Braunton and the estate agent has just text me to advise that the buyers are changing their law firm. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a leading lender only deal with certain solicitors rather the firm that they want to choose to handle their conveyancing in Braunton ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Braunton? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Braunton conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you reside.
Under Money Laundering Regulations, conveyancers are duty bound to validate not just the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this may lead to your conveyancer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to inform the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Have completed on a a terraced house in Braunton , What is the estimated time for the Land Registry to register my ownership? My Braunton conveyancing solicitor has been very slow, so I want to check that my name is recorded.
There is nothing unique when it comes to conveyancing in Braunton registration formalities. Rather than based on location, timescales can vary depending on the party submitting the application, whether there are errors and whether the Land registry must send notices to any third parties. Currently in the region of three quarters of such applications are fully dealt with in less than three weeks but some can be subject to protracted delays. Registration is effected after the buyer is living at the property thus registration formalities is not typically an essential issue yet if it is urgent that the the registration takes place urgently then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
I am buying a new build house in Braunton benefiting from help to buy. The builders would not move on the amount so I negotiated 6k of extras instead. The house builders rep advised me not to tell my solicitor about the extras as it would adversely affect my loan with the bank. 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.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Braunton I like with open areas and station nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Braunton in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Can a conveyancer remove a person from the title of my property in Braunton ?
Removing or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a lawyer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancer