I am one month into the sale of my apartment in New Milton and the EA has just telephoned to advise that the purchasers are switching conveyancer. The excuse is that the bank will only deal with property lawyers on their approved list. On what basis would a big named lender only work with certain lawyers rather the firm that they want to select to handle their conveyancing in New Milton ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in New Milton? Why is this being asked of me?
New Milton conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Proof of the origin of monies is also required under the money laundering statutes as solicitors have a duty to check that the funds you are using to acquire a property (be it the exchange deposit or the full purchase monies where you are buying without a mortgage) has originated from an acceptable source (such as employment savings) rather than the product of illegitimate behaviour.
I am purchasing a flat and need a conveyancing solicitor in New Milton who is on the Virgin Money conveyancing. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Virgin Money in certain locations such as New Milton. We dont recommend any particular firm.
About to purchase a new build flat in New Milton. 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 legal work.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in New Milton
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in New Milton I like with amenity areas and transport links nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in New Milton in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
My father-in-law has suggested that I use his conveyancing solicitors in New Milton. Should I find my own property lawyer?
No doubt the ideal way to choose a conveyancing practitioner is to get referrals from friends or relatives who have actually used the conveyancer you're contemplating using.