My partner and I are looking to buy a property in Earlswood and are in fact using a Earlswood conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Alliance & Leicester have this morning contacted us to advise us that they have now hit a problem as our Earlswood conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for the purchaser's lender. 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 Quality 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Earlswood solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our son is purchasing a newly built flat in Earlswood with a mortgage from Lloyds. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Earlswood? Why is this being asked of me?
Earlswood conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules 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 supply two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Proof of the origin of monies is also required under the money laundering laws as solicitors are duty bound to investigate that the money you are using to purchase a property (whether it be the deposit for exchange or the total purchase amount where you are buying without a mortgage) has originated from a reputable source (such as an inheritance) and is not the product of illegitimate behaviour.
Have just purchased a repossessed house at auction in Earlswood. Conveyancing is necessary. What are my next steps?
Given that you are now exchanged you will need to retain a conveyancing solicitor as a matter of urgency as you are faced with a tight a fixed date to complete the purchase. An auction property will have an associated auction pack. This should include evidence of title and search results. If you have purchased leasehold property the conveyancing papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You must pass this on to your appointed conveyancing solicitor ASAP. Do make sure that your finances are in place to complete on the date specified in the contract.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Earlswood bank branch on various occasions and was advised it wasn't an issue and they will lend. My Earlswood conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. I have no idea who is right.
The conveyancer has to follow the Council of Mortgage Lenders’ Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I was told four weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Earlswood is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
Over the last few months I have been searching for a flat up to £235,500 and found one near me in Earlswood I like with a park and transport links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Earlswood in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease will be problematic. Reduce the offer by the expected 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 can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
We are one month into a leasehold purchase having been referred to a firm by the high street agent to handle our conveyancing in Earlswood. I am not happy. Can you help me find new lawyers?
A solicitor would need to be very bad in order to consider changing them. Has your loan offer been generated? If so you will need to make them aware of the new conveyancer and have the loan are issued to the new lawyers. The conveyancer should be on the lenders approved list to avoid escalating expenses and complications. That should be your starting point. Our search tool can assist you in finding a bank approved lawyer for your conveyancing in Earlswood