Unfortunately I am unable to travel far from Cottenham. Is there a reason why all Cottenham conveyancers aren't included on all mortgage company panels?
Before the recession most lenders displayed an approach to risk which is different from today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which in summary warned lenders: know the conveyancers on your panel. As a result, mortgage companies have subsequently requiredmore data from law firms about their processes and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum volume of transactions the mortgage companies set.
We are due to complete buying a house in Cottenham but as a consequence of wreckage from some water damage at the property I have was able negotiate reparation from the seller in the sum of £3k in the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process but Virgin Money will not agree to this. Should they have been involved?
The solicitor that is on the Virgin Money approved list is duty bound to disclose to Virgin Money of any amendments to the purchase price. If you were to refuse your solicitor to disclose the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new conveyancing practitioner for your conveyancing in Cottenham.
In what way does my ID and proof of funds have anything to do with my conveyancing in Cottenham? Is this really necessary?
Cottenham conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no older than three months).
Evidence of the origin of monies is also required under the money laundering laws as conveyancers are obliged to check that the monies you are using to acquire a property (whether it be the deposit for exchange or the total purchase price if you are buying mortgage free) has originated from legitimate source (such as an inheritance) as opposed to the fruits of criminal behaviour.
Our bank has suggested a law firm on their panel based in Cottenham but I would rather instruct a conveyancing lawyer in Cottenham or nearer to where I live. Are you able to assist?
Not all Cottenham conveyancing practitioners are approved and listed on all lender’s conveyancing panel. Do make use of the above search tool to choose a Cottenham conveyancing conveyancer on the on the mortgage company panel.
I'm purchasing a new build house in Cottenham with the aid of help to buy. The sellers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about this extras as it would impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How can the Landlord & Tenant Act 1954 affect my business premises in Cottenham and how can your lawyers assist?
The 1954 Act provides a safeguard to commercial lessees, granting the a statutory right to make a request to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and help with commercial conveyancing in Cottenham