What does my ID and proof of funds have anything to do with my conveyancing in Finchley? Is this really necessary?
To satisfy the Money Laundering Regulations any Finchley conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
Under Money Laundering Regulations, property lawyers are required to investigate not simply the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this may result in your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I am considering applying for a Co-operative mortgage for purchase of a newly converted (under development) in Finchley with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
In theory, you could use a solicitor that is not on the Co-operative conveyancing panel, but Co-operative would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am the single recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Finchley. The Finchley property was put into my name in December. I now wish to sell up. I do know about the CML six month 'rule', which means that my proprietorship will be regarded the same way as though I had purchased the property in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Most banks would take a pragmatic view as this obligation is primarily there to identify subsales or the quick reselling of properties.
Is it correct that all Finchley CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing list of approved solicitors?
Some major lenders now make use of the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
Intending to buy a maisonette in Finchley. 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 Nationwide 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 Finchley property lawyer is on the Nationwide conveyancing panel.
How does conveyancing in Finchley differ for new build properties?
Most buyers of new build premises in Finchley approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Finchley tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Finchley or who has acted in the same development.
My company is hoping to take over a lease of an office on the high street. Can you recommend solicitors offering no-move-no costs for commercial conveyancing in Finchley for under £1,200?
We can recommend firms who have well rounded knowledge of commercial conveyancing in Finchley, including the disposal and purchase of businesses as well as simply premises. If you are hoping to purchase or lease a shop, pub, restaurant, office, retail premises or a complete business we can find you the right lawyer. As for the charges this will depend on the structure and terms of the proposed transaction. Let us have your contact information or telephone so as to enable us to furnish you with a fixed commercial conveyancing quote.
I have recently had an offer accepted on an apartment in Finchley and the estate agent that we are using recommended his conveyancing practitioner. She quoted £800 plus VAT and disbursements. Does this sound reasonable?
You should not rely on a single quote. You should seek like-for-like quotes for your conveyancing in Finchley. Then select one that you are comfortable with and crucially, is on the approved panel of the lender that you have applied for a mortgage from.