My wife and I are planning to acquire a home in Gainsborough and have appointed a Gainsborough conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Norwich and Peterborough Building Society have this morning contacted us to advise us that there is now an issue as our Gainsborough conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Gainsborough lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
In what way does my ID and proof of funds have anything to do with my conveyancing in Gainsborough? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Gainsborough. However these days you will not be able to complete any conveyancing transaction if you have not supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Remember if you are supplying your driving licence as proof of ID it must be both the paper element and photo card part, one is not satisfactory without the other.
Verification of your source of money is necessary in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer must retain this information on file. Your Gainsborough conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they may also ask further queries regarding the source of monies.
Due to the encouragement of my in-laws I had a survey completed on a property in Gainsborough in advance of retaining lawyers. I have been advised that there is a flying freehold element to the property. The surveyor has said that some lenders tend refuse to grant a loan on this type of house.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Gainsborough. Conveyancing may be slightly more expensive based on your lender's requirements.
How does the Landlord & Tenant Act 1954 impact my business premises in Gainsborough and how can you help?
The 1954 Act affords a safeguard to commercial leaseholders, giving them the a statutory right to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act for protection and assist with commercial conveyancing in Gainsborough
What are your top tips when it comes to choosing a Gainsborough conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Gainsborough conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Gainsborough conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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Can they put you in touch with clients in Gainsborough who can give a testimonial? How experienced is the firm with lease extension legislation?
Gainsborough Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
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Its a good idea to find out as much as you can regarding the managing agents as they can either make your life much easier or a lot more difficult. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to daily issues such as the upkeep of the communal areas. Ask other tenants what they think of them. On a final note, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending the funds. How many of the leaseholders are in arrears for their service charge payments? How much is the ground rent and service charge?
Your search tool is useful but there are many lawyers listed near Gainsborough being on the bank conveyancing panel. Can you recommend a specific firm on the bank approved panel?
We do not recommend specific Gainsborough firms as the right Gainsborough conveyancing solicitor for you depends on where your priorities lie. For example you may require a local firm with Gainsborough knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..