My fiance and I are planning to buy a home in Chippenham and have instructed a Chippenham conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Skipton Building Society have this morning contacted us to inform me that they have now hit a problem as our Chippenham lawyer is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Chippenham lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Chippenham? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Chippenham conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility account evidencing where you reside.
Under Money Laundering Regulations, property lawyers are duty bound to check not only the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your lawyer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
My Conveyancer in Chippenham is not listed on the Skipton Building Society Solicitor Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are excluded from the Skipton Building Society approved list?
The limited options open to you here include:
- Carry on with your preferred Chippenham lawyers but Skipton Building Society will need to retain a lawyer on their panel. This will result in additional overall legal fees as well as result in delays.
- Find an alternative lawyer to to deal with the conveyancing, remembering to check they are on the Skipton Building Society panel
I have todayfound out that Arc property Solicitors have been shut down. They conducted my conveyancing in Chippenham for a purchase of a freehold house 9 months ago. How can I check that my home is not still registered in the name of the former proprietor?
The quickest way to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Chippenham conveyancing specialists.
I am looking for a flat up to £195,000 and identified one close by in Chippenham I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Chippenham in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months 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 and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I am using a search engine for the phrase cheap conveyancing in Chippenham it brings up many solicitorsin the area. With so much choice what is the best way to find the suitable conveyancer for my move?
The best method of finding a suitable conveyancer is through a personal referral, so ask friends and those you trust who have purchased a property in Chippenham or the local estate agent or mortgage broker. Costs for conveyancing in Chippenham vary, so it's advisable to request at least three estimates from varying types of companies. Make sure that you know what costs in the quote includes.