We are approaching an exchange on a flat in Neath Abbey and my mum and dad have sent the exchange deposit to my solicitor. I am now told that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your lawyer is obliged to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Neath Abbey? Why is this being asked of me?
Neath Abbey conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no older than three months).
Confirmation of source of monies is also necessary in accordance with the money laundering regulations as conveyancers have a duty to ensure that the funds you are utilising to buy a property (be it the exchange deposit or the full purchase monies where you are a cash purchaser) has come from a reputable source (such as employment savings) as opposed to the fruits of criminal activity.
A friend pointed out to me me that in purchasing a property in Neath Abbey there could be various restrictions as to what one can do in terms of external changes to a property. Is this right?
There are a number of properties in Neath Abbey which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Neath Abbey should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My conveyancer has informed me that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Neath Abbey?
The right level of chancel indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such policies.
Planning on purchasing a house in Neath Abbey. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Neath Abbey solicitor is on the Skipton conveyancing panel.
I have been told that property searches are a common cause of obstruction in Neath Abbey conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Neath Abbey.
How do I use your search facility to find a conveyancing lawyer in Neath Abbey on the panel for my lender?
1st choose a mortgage company such as Yorkshire Building Society, Barnsley Building Society or Barclays Direct then choose your location e.g. Neath Abbey. Conveyancing practices in Neath Abbey and nationally will then be shown.
I need to switch lawyers as my Neath Abbey lawyer is not on the mortgage company's approved list of conveyancing solicitors. Is it advisable to appoint a new law firm?
If you haven't yet instructed a solicitor to do anything for you and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Neath Abbey that you're thinking of instructing.