In what way does my ID and proof of funds have anything to do with my conveyancing in Crawley Down? Is this really necessary?
Crawley Down conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to ensure 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 less than 3 months old).
Confirmation of source of monies is also required in compliance with the money laundering laws as conveyancers are obliged to investigate that the money you are using to buy a property (be it the exchange deposit or the full purchase amount if you are a cash purchaser) has originated from a reputable source (such as an inheritance) and is not the proceeds of illegitimate behaviour.
We are selling our home in Crawley Down. Will the solicitor have to be on the Nationwide conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Nationwide conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
I am the sole beneficiary of my late father’s estate with all property in now in my sole name, including the house in Crawley Down. The Crawley Down property was put into my name in December. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', which means that my property ownership may be considered the same way as though I had purchased the property in December. Will no one buy the property for half a year?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. Most banks would take a pragmatic view as this obligation chiefly exists to pick up on the purchase and immediately sell or the quick reselling of properties.
Is it correct that all Crawley Down CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing list of approved practices?
It is true that some banks and building societies now make use of CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
Skipton have agreed my mortgage in principle, my bid on a apartment in Crawley Down has been agreed to, what happens next?
Your property agent will wish to know who your solicitors are (ensure that the solicitors are on the bank’s panel). Contact Skipton or the financial adviser and complete any relevant forms. Skipton will sellect a valuer who will get in contact with the selling agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Skipton will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Crawley Down.
I am purchasing my first flat in Crawley Down with a loan from Virgin Money. The sellers would not move on the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not reveal to my lawyer about this extras as it could jeopardize my loan with Virgin Money. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I decided to have a survey completed on a house in Crawley Down before appointing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies tend refuse to issue a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Crawley Down. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I need to be wary about brokers that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a High Street Crawley Down conveyancing practice?
As with lots of service providers, often referrals from relatives can be very helpful. Nevertheless there are lots of people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies may put forward conveyancers to use. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there exists a commercial relationship behind the endorsement. You have the discretion to choose your preferred lawyer. However, bear in mind that some mortgage providers specify a panel list of conveyancers you must use for the mortgage aspect of your house move.