I am nearing exchange of contracts for my ground floor flat in Holmfirth and the estate agent has just telephoned to say that the buyers are swapping law firm. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. On what basis would a major lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Holmfirth ?
Banks have always had panels of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions justify this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Holmfirth? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Holmfirth conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you live.
Under Money Laundering Regulations, property lawyers are obliged by law to ascertain not just the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this may result in your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
The deeds to my home can not be found. The solicitors who conducted the conveyancing in Holmfirth 5 years ago are no longer around. What are my options?
Gone are the days when you need to have the physical official documentation to establish that you are the registered proprietor of land or premises, given that the Land Registry hold details of all registered land or property electronically.
Over the last few months I have been searching for a flat up to £235,500 and identified one close by in Holmfirth I like with open areas and transport links nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Holmfirth in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
My brother has urged me to instruct his conveyancing solicitors in Holmfirth. Should I use them?
There are no two ways about it it’s preferable to select a conveyancing practitioner is to get recommendations from friends or family who have actually experience in using the firm you're are thinking of instructing.
My lawyers in Holmfirth have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a prescribed period?
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 lender Conveyancing Panel Terms. It might be worth you contacting the lender directly.