What does my ID and proof of funds have anything to do with my conveyancing in Broseley? What am I being asked for?
In order to comply with Money Laundering Regulations any Broseley conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to check not only the identity 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 conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to notify the relevant authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
The Broseley conveyancing solicitors that I recently instructed on my house acquisition in Broseley have suddenly shut down. I only went with them because I had to have a solicitor on the Bank of Ireland conveyancing panel and my previous Broseley lawyer was not. I paid them 275 plus VAT on account. What are my options?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Bank of Ireland conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
Various online forums that I have frequented warn that are a common reason for delay in Broseley house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Broseley.
It has been three months since my purchase conveyancing in Broseley took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Broseley is where the house is located. Can you shed any light on this issue?
Flying freeholds in Broseley are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Broseley you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Broseley may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Can you confirm the aspects of conveyancing done by Broseley conveyancing solicitors?
Generally most Broseley conveyancing practices tend to offer various legal advice to residential and agricultural land proprietors, sellers, purchasers, freeholders and tenants and you can expect them to do some of the following services:
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Standard residential sale conveyancing in Broseley or wider afield
House purchase conveyancing in Broseley and further afield
Buying through Right to Buy (RTB) or Right to Acquire (RTA) schemes Lifetime mortgages Broseley conveyancing for Employee Relocation conveyancing schemes in and outside of Broseley Islamically-compliant mortgages in Broseley and throughout England and Wales