I am getting closer to an exchange on a house in Fortis Green and my mum and dad have transferred the 10% deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is obliged to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Fortis Green? Why is this being asked of me?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Fortis Green. Nowadays you can not complete any conveyancing process if you have not handing over evidence of your identity. This usually takes the form of a either your passport or driving licence plus a council tax bill. Please note that if you are supplying your driving licence as evidence of identification it needs to be both the paper section as well as the photo card part, one is not acceptable without the other.
Evidence of the source of funds is necessary under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancer must have this information on record. Your Fortis Green conveyancing practitioner will need to see evidence of proof of funds before they are able to accept any monies from you into their client account and they should also ask further queries regarding the origin of funds.
I had intended to instruct a property lawyer in Fortis Green for our home move. Our financial adviser informed us that our bank Chelsea Building Society won't deal with them. Surely this is unduly restrictive?
Mortgage Companies tend to imposes restrictions either the category or the number of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must not be a sole practitioner. As well as restricting the profile of firm, a few banks have limited the number of firms they allow to act for them. You should note that Chelsea Building Society have no responsibility for the quality of advice provided by any member of Chelsea Building Society Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels since 2008 even though there remains differing opinions about the level of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms, including some in or near Fortis Green only conduct a couple conveyances per annum.
I completed on my house on 5 June and my personal details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Fortis Green advises it will be concluded in a couple of weeks. Are transfers in Fortis Green particularly slow to register?
There is nothing unique when it comes to conveyancing in Fortis Green registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to who lodges the application, whether there are errors and whether the Land registry communicate with any interested parties. At present approximately three quarters of such applications are fully dealt with in less than three weeks but occasionally there can be extensive delays. Historically registration is effected once the purchaser is living at the property therefore an expedited registration is not usually an essential issue but if it is urgent that the the registration takes place urgently then you or your conveyancer can communicate with the Registry to express the reasoning for an expedited registration.
Am I right to be suspicious that third parties that I am dealing with are suggesting a web based conveyancing firm as opposed to a local Fortis Green conveyancing firm?
As is the case with lots of professional services, often suggestions from relatives can be very helpful. Yet there are many people with a vested interest in a conveyancing matter; estate agents, financial adviser and mortgage companies may recommend lawyers to instruct. On occasion these lawyers might be known to one of the organisations as being good in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are free to appoint your preferred lawyer. You need to be aware that most mortgage providers have an approved list of conveyancers you have to use for the lender related work in your conveyancing.
My lawyers in Fortis Green have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.