Can you help? My Morpeth solicitor is assuring me that he is legally obliged toorder Morpeth conveyancing searches becausethe firm are on the Lloydssolicitor panel. Is this really necessary?
You have limited options available to you. As you are obtaining a mortgage with a lender your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Morpeth conveyancing searches.
In what way does my ID and proof of funds have anything to do with my conveyancing in Morpeth? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Morpeth 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 bill evidencing your correct address.
Under Money Laundering Regulations, conveyancers are duty bound to check not simply the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this will lead to your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
We wanted to use a property lawyer in Morpeth for our house purchase. Our financial adviser has since notified us that our bank Clydesdale won't deal with them. Surely this is unfair competition?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Morpeth conveyancing firms would have been on most bank panels. The Financial Services Authority in 2010 completed a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms concerning their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum amount of transactions. Many Morpeth conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Morpeth is amongst the many locations where the solicitors showing on our search results are are authorised to act for Clydesdale.
What will a local search reveal regarding the property my wife and I purchasing in Morpeth?
Morpeth conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations for instance Searches UK The local search is essential in every Morpeth conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search should supply data on, amongst other things, details on planning applications applicable 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 13 subject sections.
I am purchasing a new build house in Morpeth with the aid of help to buy. The developers refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The property agent told me not reveal to my conveyancer about the side-deal as it would affect my loan with the lender. Do I keep my lawyer in the dark?.
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 decided to have a survey done on a house in Morpeth in advance of instructing lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some lenders will not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements from Halifax. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Morpeth. Conveyancing may be slightly more expensive based on your lender's requirements.