What does my ID and proof of funds have anything to do with my conveyancing in Leyton? Is this really warranted?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Leyton. However these days you will not be able to proceed with any conveyancing deal in the absence handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a utility bill. Remember if you are providing your driving licence as proof of identification it needs to be both the paper section as well as the photo card part, one is not acceptable without the other.
Evidence of your source of funds is mandated under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancing solicitor must have this information on record. Your Leyton conveyancing practitioner will require evidence of proof of funds before they are able to accept any monies from you into their client account and they may also ask additional questions concerning the source of monies.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Skipton Conveyancing panel ahead of completing my conveyancing in Leyton?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My wife and I are spending time viewing flats in Leyton and I am about to put in an offer. Is it too early to have a solicitor in place? I am planning to take a mortgage with Aldermore.
It would be wise to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. Given that you are obtaining a mortgage with Aldermore, ask your prospective lawyers if they are on the Aldermore conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with HSBC for my property in Leyton. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
HSBC must be informed of your intention before renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel lawyer.
After what feels like an age I have had an offer on a maisonette in Leyton agreed to, but there is a chain. The owners have offered on somewhere, but it’s not yet agreed to, and are looking at other apartments in the pipeline. I have instructed a nearby conveyancing solicitor in Leyton. What should be my next step? When should I get the mortgage application with Virgin Money going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then survey, Leyton conveyancing search charges, etc). The first course of action is to ensure that your conveyancer is on the Virgin Money conveyancing panel. As to the next stages this very much dictated by the circumstances of your case, attraction to the property and on the state of the market. During a hot market some purchasers will apply for a home loan with Virgin Money and arrange for the valuation and only if it was satisfactory would they pay their lawyer to proceed with the conveyancing in Leyton.
My partner and I are intent on selling our house in Leyton and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A high street Leyton conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using a national conveyancing outfit as opposed to a conveyancing solicitor in Leyton. We have lived in Leyton for many years we know of no issue. Do we get in touch with our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I'm purchasing a new build house in Leyton with a loan from Yorkshire Building Society. The builders refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative told me not disclose to my conveyancer about the side-deal as it may put at risk my mortgage with Yorkshire Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I need to retain a conveyancing solicitor for remortgage conveyancing in Leyton. I happened to chance upon a site which appears to be the ideal offering If there is a chance to get all formalities done via web that would be ideal. Should I be concerned? What should out be looking out for?
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?