In what way does my ID and proof of funds have anything to do with my conveyancing in Maryland? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Maryland conveyancing firm will require proof of identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, conveyancing solicitors are obliged by law to ascertain not simply the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your lawyer terminating their relationship 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 appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I have been referred to a conveyancing solicitor in Maryland. I need to find out whether they are on the Norwich and Peterborough Building Society approved list of lawyers. Could you or the lender confirm if they are on the panel?
The first thing to do is phone your lawyer and ask them whether they are on the lender panel. Otherwise please get in touch with Norwich and Peterborough Building Society who may be able to assist.
Should our conveyancer be raising enquiries about flooding during the conveyancing in Maryland.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Maryland. Plenty of people will buy a property in Maryland, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a number of checks that can be undertaken by the purchaser or by their conveyancers which will figure out the risks in Maryland. The conventional set of information sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to determine if the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the vendor, then a purchaser may issue a claim for damages as a result of such an misleading answer. A buyer’s conveyancers may also carry out an enviro report. This will indicate whether there is any known flood risk. If so, additional inquiries should be made.
five months have gone by following my purchase conveyancing in Maryland took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Maryland benefiting from help to buy. The developers refused to reduce the price so I negotiated £7000 of additionals instead. The property agent advised me not to tell my lawyer about the deal as it would jeopardize my mortgage with HSBC Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Should I use a Maryland conveyancing practitioner based in the area that I am purchasing? I have an old university friend who can conduct the legal formalities however they are based approximately 350kilometers drive away.
The primary upside of using a local Maryland conveyancing firm is that you can attend the office to execute documents, deliver your ID and apply pressure on them where appropriate. They will also have local intelligence which is a bonus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and the majority were impressed that must surpass using an unknown Maryland conveyancing lawyer solely due to them being Maryland based.