I can't travel far from Mancot. Is there a reason why all Mancot conveyancers are not on all mortgage company panels?
Before the recession most banks demonstrated an approach to risk which is different than today. The FSA in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the conveyancing practitioners on your panel. Accordingly, lenders have since requiredmore data from law firms about their processes and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Thousands of law practices have been excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the criteria of amount of transactions the mortgage companies required.
What does my ID and proof of funds have anything to do with my conveyancing in Mancot? What am I being asked for?
In order to comply with Money Laundering Regulations any Mancot conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, conveyancers are duty bound to validate not simply the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this will lead to your solicitor terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
What is the best way to discover of the solicitor conducting my conveyancing in Mancot is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Aldermore thus paying £175.00 in further legal invoice.
You should make the most of the find a conveyancing panel solicitor tool on this site. Please choose the mortgage company and type ‘Mancot’ or your location and you will discover a number of lawyer offices in Mancot or near you.
What can a local search inform me regarding the property I am purchasing in Mancot?
Mancot conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for instance PSG The local search plays an important role in many a Mancot conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search should provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
I'm purchasing a new build house in Mancot with the aid of help to buy. The developers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not reveal to my conveyancer about this extras as it could adversely affect my loan with the lender. 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.
Am I better off to appoint a Mancot conveyancing lawyer who is local to the property I am buying? I have an old university friend who can carry out the legal formalities but her office is 300miles away.
The benefit of a local Mancot conveyancing practice is that you can attend the office to execute paperwork, deliver your identification documents and pester them if necessary. Having local Mancot know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and the majority were content that should outweigh using an unfamiliar Mancot conveyancing solicitor just because they are round the corner.