My fiance and I are looking to purchase a home in Hellesdon and have appointed a Hellesdon conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Bank of Ireland have this afternoon contacted us to inform me that there is now an issue as our Hellesdon solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers 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 Accreditation Scheme. Your property lawyer 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 bank's conveyancing panel and you may continue to use your own Hellesdon solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
What does my ID and proof of funds have anything to do with my conveyancing in Hellesdon? Is this really necessary?
Hellesdon conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement no older than three months).
Confirmation of the origin of funds is also required under the money laundering regulations as solicitors are required to check that the funds you are utilising to acquire a property (whether it be the deposit for exchange or the full purchase amount where you are buying without a mortgage) has come from an acceptable source (such as an inheritance) rather than the fruits of illegitimate activity.
we are a couple who decided to purchase a purpose built apartment in Hellesdon with a loan from Lloyds TSB Bank.We like our Hellesdon conveyancing practitioner but Lloyds TSB Bank informed us her practice is not on their approved list of firms. We have to appoint a Lloyds TSB Bank panel lawyer or retain our high street solicitor and pay for a Lloyds TSB Bank panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage issued to you contains various provisions, a common one being that conveyancers must be on the Lloyds TSB Bank solicitor panel. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Lloyds TSB Bank
I am assisting my step-mother sell her flat in Hellesdon. Will the solicitor commission the energy performance certificate or it is for the seller to coordinate?
Following the abolition of Home Information Packs, energy performance certificates was retained a mandatory part of selling a house. An energy assessment needs to be commissioned prior to the property being advertised. This is not as aspect of the sale process that lawyers normally organise. If you are instructing a Hellesdon conveyancing solicitor they may be able to arrange EPC’s given their relationships with reputable Hellesdon energy assessors
My solicitor has informed me that restrictive coveneant insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Hellesdon?
The right level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and Skipton Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
We have agreed to purchase a house in Hellesdon. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Skipton be concerned?
As your lender is Skipton your lawyer must check the conveyancing instructions contained in Section two of UK Finance Lenders’ Handbook for Skipton. The CML Handbook sets out minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to Skipton where a lease fails to satisfy these specifications. The requirements relate to the installation of panels on properties countrywide and is not isolated to Hellesdon.
I am buying a new build house in Hellesdon benefiting from help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not reveal to my solicitor about this extras as it may put at risk my loan with Nationwide Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Hellesdon is the location of the property. Can you shed any light on this issue?
Flying freeholds in Hellesdon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hellesdon you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hellesdon may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.