My partner and I are looking to purchase a flat in Morecambe and have appointed a Morecambe conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Coventry Building Society have this evening contacted us to advise us that there is now an issue as our Morecambe lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also represent the purchaser's lender. 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 Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Morecambe solicitors, in which case your legal fees may increase, and it will likely delay the transaction 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 Morecambe? Is this really necessary?
Morecambe conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Confirmation of source of funds is also required in accordance with the money laundering laws as solicitors are required to investigate that the funds you are utilising to purchase a property (whether it be the deposit for exchange or the full purchase amount if you are a cash purchaser) has come from a reputable source (such as employment savings) and is not the product of illegitimate activity.
I am considering applying for a UBS mortgage for purchase of a new build (under development) in Morecambe with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have justdiscovered that Stirling Law have closed. They conducted my conveyancing in Morecambe for a purchase of a leasehold apartment 12 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The quickest method to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Morecambe conveyancing specialists.
In what way does the Landlord & Tenant Act 1954 impact my commercial premises in Morecambe and how can you help?
The particular law that you refer to gives a safeguard to business lessees, giving them the a statutory right to apply to court for a continuation of occupancy at the end of the lease term. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Morecambe is one of our numerous areas of the UK in which our lawyers are based
My partner and I have had DIP from Nottingham Building Society who said we could borrow up to £218k. At what point do we need to appoint a solicitor for conveyancing? Morecambe is where we plan to move to.
It would be wise to appoint a solicitor now and ask them to open a file for you. This will kickstart: 1) the estate agent to issue a Sales Memo to the relevant parties 2) the seller’s property lawyer to send out the draft paperwork. That being said, do not instruct your conveyancing practitioner to start searches until you have your valuation report from Nottingham Building Society and you are content to move forward.