What does my ID and proof of funds have anything to do with my conveyancing in Hereford? What am I being asked for?
Hereford conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Confirmation of the origin of funds is also necessary in compliance with the money laundering laws as lawyers are required to check that the money you are using to buy a property (be it the exchange deposit or the full purchase price where you are a cash purchaser) has come from a reputable source (such as employment savings) rather than the fruits of criminal activity.
My fiance and I are hoping to buy a 2 bedroom flat in Hereford with a homeloan from National Westminster Bank.We like our Hereford conveyancing lawyer but National Westminster Bank advised that she’s not listed on their approved list of firms. It seems we are left with little choice but to instruct a National Westminster Bank panel solicitor or retain our local solicitor and fork out for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you contains various provisions, a common one being that lawyers will be on the National Westminster Bank conveyancing panel. in the past, most banks had large numbers of law firms on their panels: a borrower could choose 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 National Westminster Bank
I have justbeen informed that Arc property Solicitors have closed. They conducted my conveyancing in Hereford for a purchase of a leasehold flat 10 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Hereford conveyancing specialists.
How does conveyancing in Hereford differ for new build properties?
Most buyers of new build residence in Hereford contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Hereford typically purchase the real estate, 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 accustomed to new build conveyancing in Hereford or who has acted in the same development.
I need to retain a conveyancing solicitor for sale conveyancing in Hereford. I've chance upon a web site which seems to have the perfect answer If it is possible to get all the legals done via email that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Online research suggests that Hereford solicitors are more expensive than licensed conveyancers in Hereford to use when purchasing a property. Am I better off using a conveyancer or a solicitor where I am purchasing a house in Hereford.
When it comes to conveyancing in Hereford the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.