I can't travel far from Matlock. Is there a reason why all Matlock lawyers aren't automatically on all mortgage company panels?
Mortgage companies highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which triggered a major policy change in the sector. It resulted in mortgage companies pruning a number of firms from their panel of approved lawyers .
What does my ID and proof of funds have anything to do with my conveyancing in Matlock? What am I being asked for?
Matlock conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement no older than three months).
Proof of source of funds is also required in accordance with the money laundering statutes as solicitors are mandated to check that the monies you are using to acquire a property (whether it be the deposit for exchange or the total purchase monies where you are a cash purchaser) has come from an acceptable source (such as an inheritance) rather than the proceeds of criminal behaviour.
I am purchasing a semi-detached house in Matlock. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Matlock you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Matlock.
About to purchase a new build flat in Matlock. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Matlock
-
Please supply a car parking plan. Please confirm the Lease plans are surveyor prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I've recently bought a leasehold house in Matlock. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Matlock - Sample of Questions you should ask before buying
-
Best to be warned whether fixing the lift or some other significant cost is coming up to be shared by the tenants and will materially impact the level of the service fees or require a specific invoice. The answer will be important as a) areas can cause problems in the block as the common areas may start to deteriorate if services remain unpaid b) if the leasehold owners have an issue with the running of the building you will want to know about it The best form of lease arrangement is a share of the freehold. In this arrangement the tenants benefit from control and even though a managing agent is usually employed if it is larger than a house conversion, the managing agent employed by the leaseholders.
I'm buying a property in Matlock. I have found my conveyancer's company on the Law Society's list, but I can't see my lawyer's name on the list. Should I be concerned?
Not all staff in the law firm must be listed by the regulator. Provided there is someone qualified to 'oversee' the transaction, the actual day-to-day activity can be undertaken by unlicensed staff.