My husband and I are looking to purchase a home in Kelvedon and have instructed a Kelvedon conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Bank of Scotland have this morning contacted us to inform me that there is now an issue as our Kelvedon lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also represent 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 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Kelvedon lawyers, in which case your legal fees may increase, and it may delay matters 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 Kelvedon? Is this really warranted?
Kelvedon conveyancing solicitors and indeed property lawyers accross the UK have an obligation under money laundering regulations to check the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement no more than three months).
Evidence of source of funds is also necessary under the money laundering statutes as solicitors are required to investigate that the money you are utilising to purchase a property (whether it be the deposit for exchange or the total purchase amount where you are buying without a mortgage) has come from a reputable source (such as employment savings) and is not the proceeds of criminal activity.
My bid for a property was accepted at auction in Kelvedon. Conveyancing is required. What is next?
Now that you are exchanged you should choose a conveyancing lawyer soon as you are facing a pending deadline in which to complete the deal. All auction property should have a corresponding auction pack. This should include evidence of title and search results. In the case of leasehold premises the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You need to give this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
I happen to be the only beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Kelvedon. Conveyancing formalities meant that the Land Registry date was in August. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the property in August. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. many lenders would take a pragmatic view as this obligation chiefly exists to pick up on the purchase and immediately sell or the flipping of property.
Two weeks ago we had a mortgage agreed in principle with Clydesdale. Kelvedon conveyancing practitioners were appointed. How long does it take for Clydesdale to issue the offer to the conveyancer?
Some lenders take longer than others. Have Clydesdale done the survey? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Me and my brother purchased a terraced Georgian house in Kelvedon. Conveyancing practitioner acted for me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold under the matching property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kelvedon and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with the conveyancing lawyer who conducted the conveyancing.
I have been on the look out for a flat up to £235,500 and found one near me in Kelvedon I like with open areas and transport links nearby, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Kelvedon in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years will likely be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I have been advised by a few estate agents in Kelvedon to choose a conveyancer using your seach tool. Is there a financial upside for Estate Agents to promote your lawyers rather than a competitor’s?
We refuse to offer any financial incentive for sending work to this site. We thought it would be too underhand a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.