My husband and I are hoping to buy a house in Finsbury and are in fact using a Finsbury conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Virgin Money have this afternoon contacted us to advise us that there is now an issue as our Finsbury conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the mortgage company. 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 bank 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 lender’s conveyancing panel and you may continue to use your own Finsbury solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
In what way does my ID and proof of funds have anything to do with my conveyancing in Finsbury? Is this really warranted?
You are right in these requests have nothing to do with conveyancing in Finsbury. Nowadays you can not proceed with any conveyancing process in the absence handing over proof of your identity. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as proof of ID it must be both the paper section and photo card part, one is not satisfactory in the absence of the other.
Evidence of the source of monies is required in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your lawyer must retain this information on record. Your Finsbury conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any funds from you into their client account and they will also ask additional questions concerning the source of monies.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a property in Finsbury?
Unless a previous acquisition of the house completed after 12 October 2013 you can expect lawyers handling conveyancing in Finsbury to remain recommending a chancel search and or chancel repair liability policy.
Are there restrictive covenants that are commonly picked up during conveyancing in Finsbury?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Finsbury. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
What does commercial conveyancing in Finsbury cover?
Finsbury conveyancing for business premises incorporates a broad range of advice, offered by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I have been sourcing a conveyancing lawyer in Finsbury for my home move. Can I review a firm’s complaints history with the profession’s regulator?
One may see published Solicitor Regulator Association (SRA) decisions arising from investigations from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, use +44 (0)121 329 6800. The SRA could monitor call for training requirements.