My fiance and I are looking to purchase a property in Cinderford and are in fact using a Cinderford conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Norwich and Peterborough Building Society have this morning contacted us to advise us that there is now an issue as our Cinderford solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors 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 lender 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Cinderford lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My partner and I are refinancing our maisonette in Cinderford with Co-operative. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the Co-operative conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Co-operative. This is solely used to protect Co-operative if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Co-operative had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
What does my ID and proof of funds have anything to do with my conveyancing in Cinderford? Is this really necessary?
It is indeed that case that these requests have nothing to do with conveyancing in Cinderford. However these days you will not be able to complete any conveyancing transaction in the absence providing evidence of your identity. This usually takes the form of a either your passport or driving licence and a bank statement. Please note that if you are supplying your driving licence as proof of identification it must be both the paper element as well as the photo card part, one is not acceptable without the other.
Verification of your source of monies is necessary in accordance with the Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancer must have this information on file. Your Cinderford conveyancing practitioner will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they may also ask further questions regarding the source of funds.
We're in Cinderford, First time buyers buying with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Cinderford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Cinderford
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I need to appoint a conveyancing solicitor for sale conveyancing in Cinderford. I have stumble upon a site which looks to be the perfect offering If there is a chance to get all formalities done via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?