We are buying a 1 bedroom flat in Castle Donington with a mortgage. We wish to retain our Castle Donington solicitor, but the bank advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Castle Donington solicitor as well as pay for one of their panel firms to represent them. We regard this is unjust; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Castle Donington conveyancing solicitor to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in Castle Donington? Why is this being asked of me?
Castle Donington conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Confirmation of source of monies is also required in compliance with the money laundering regulations as lawyers are duty bound to investigate that the monies you are using to acquire a property (whether it be the deposit for exchange or the full purchase monies where you are a cash purchaser) has come from legitimate source (such as an inheritance) as opposed to the fruits of criminal behaviour.
we are a couple who wish to acquire a newly converted apartment in Castle Donington with a residential mortgage from Platform Home Loans Ltd.We use our Castle Donington conveyancing lawyer but Platform Home Loans Ltd says her practice is not on their "panel". We have to appoint a Platform Home Loans Ltd panel lawyer or keep our high street solicitor and fork out for a Platform Home Loans Ltd panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you is subject to its terms and conditions, one of which will be that conveyancers will be on the Platform Home Loans Ltd approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Platform Home Loans Ltd
This question may be naive but I am unexperienced as a 1st time purchaser of a two bedroom flat in Castle Donington. Do I collect the keys to the house on completion from my solicitor? If so, I will use a High Street conveyancing solicitor in Castle Donington?
On the day of completion you will not be required to attend the conveyancers office in Castle Donington. Conveyancing lawyers for you will transfer the purchase money to the owner’s lawyers, and once they have received this, you will be able to receive the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
When it comes to lenders such as Skipton, do Castle Donington solicitors have to pay a fee to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Barclays have agreed my mortgage in principle, my offer on a flat in Castle Donington has been agreed to, what happens next?
The property agent will wish to be advised as to your solicitor's details (ensure that the solicitors are on the bank’s panel). Call up Barclays or your financial adviser and finalise any outstanding paperwork. Barclays will sellect a valuer who will get in touch with the estate agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Barclays will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Castle Donington.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Castle Donington I like with amenity areas and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Castle Donington suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
My wife and I soon to complete on the purchase a property in Castle Donington but as a result of wreckage from the recent storms I have agreed recompense from the owner of £3k by way of a deduction in the price. I had intended this to be addressed as part of the conveyancing process however the mortgage company will not permit this. Should they have been involved?
Any lawyer that is on a bank approved list is duty bound to disclose to the lender of any variations to the sale amount. In the event that you did not allow your conveyancing practitioner to report the price change to your lender then they would have no choice but to refrain from representing you and the bank.