Is the fact that my conveyancer in North End is not listed on my mortgage company's solicitor panel that there is a problem with the quality of the firm’s work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the North End conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
In what way does my ID and proof of funds have anything to do with my conveyancing in North End? What am I being asked for?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in North End. However these days you will not be able to complete any conveyancing process in the absence submitting proof of your identity. This usually takes the form of a either your passport or driving licence plus a council tax bill. Please note that if you are providing your driving licence as evidence of ID it needs to be both the paper element as well as the photo card part, one is not sufficient in the absence of the other.
Proof of your origin of monies is necessary in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your lawyer will need to have this information on record. Your North End conveyancing lawyer will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask further queries concerning the origin of funds.
We wanted to use a property lawyer in North End for our house move. Our financial adviser has since advised us that our mortgage company Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unfair competition?
A decade ago most lenders had an appetite for risk which was higher than today. Almost all North End conveyancing firms would have been on many mortgage company panels. The financial services regulator in 2010 carried out a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum number of conveyancing. Many North End conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. North End is amongst the hundreds of areas where the conveyancers we recommend are members of the panel for Godiva Mortgages Ltd.
I'm buying a new build house in North End with the aid of help to buy. The developers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not inform my conveyancer about the side-deal as it may jeopardize my mortgage with the bank. Should I keep quiet?.
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 am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in North End. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in North End are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are buying in North End so you should seriously consider looking for a North End conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
I am the leaseholder of a a ground floor purpose built flat in North End. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
Absolutely. We are happy to put you in touch with a North End conveyancing firm who can help.
An example of a Lease Extension decision for a North End property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The number of years remaining on the existing lease(s) was 76 years.
I am purchasing a house mortgage free. I have provided conveyancer with 2 distinct evidence of photographic ID, bank statement, numerous utility bills. Now he requires a copy from a probate lawyer advising that the funds are in order and that it has come from inheritance and not dealing E's in Ibiza.
In today’s world you will not be able to complete any North End conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Establishing of your source of funds is required under Money Laundering Regulations.