I am in the process of selling my ground floor flat in Cippenham and the EA has just text me to say that the buyers are changing their solicitor. The reason given is that the mortgage company will only deal with solicitors on their approved list. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to choose for their conveyancing in Cippenham ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise 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 unlikely to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Cippenham? Why is this being asked of me?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Cippenham. However these days you will not be able to proceed with any conveyancing transaction if you have not providing proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Remember if you are supplying your driving licence as evidence of ID it needs to be both the paper part as well as the photo card part, one is not sufficient in the absence of the other.
Evidence of your source of monies is required in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer must have this information on record. Your Cippenham conveyancing solicitor will require evidence of proof of funds before they are able to accept any funds from you into their client account and they may also ask further queries concerning the source of monies.
My mortgage company has recommended a law firm on their panel based in Cippenham but I would rather use a conveyancing lawyer in Cippenham or nearer to where I live. Are you able to assist?
Far from all Cippenham conveyancing solicitors are on all banks conveyancing panel. Use the above find an approved solicitor tool to identify a Cippenham conveyancing solicitor on the on the mortgage company panel.
My lawyer has informed me that absentee landlord insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Cippenham?
The right level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and The Royal Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such policies.
Are all Cippenham Conveyancing Quality Solicitors on the Bank of Ireland conveyancing list of approved practices?
Some major lenders now make use of CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
Planning on purchasing a flat in Cippenham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Cippenham property lawyer is on the Leeds Building Society conveyancing panel.
I have todaybeen informed that Action Conveyancing have closed. They carried out my conveyancing in Cippenham for a purchase of a freehold house 18 months ago. How can I check that my home is not still registered in the name of the former proprietor?
The easiest way to see if the property is registered to you, you can make 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 Cippenham conveyancing specialists.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one round the corner in Cippenham I like with open areas and transport links in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Cippenham for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the shortness of the lease may be problematic. Discount the offer 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 twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.