My wife and I are looking to purchase a flat in Perranporth and are in fact using a Perranporth conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Yorkshire Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Perranporth lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also act for the mortgage company. 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Perranporth solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Perranporth? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the ID of the potential client they are dealing with before they can accept their conveyancing instruction. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to hand over identification documents, your solicitor will not be able to take you on as a client.
How does conveyancing in Perranporth differ for new build properties?
Most buyers of new build or newly converted property in Perranporth contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Perranporth tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Perranporth or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a simple, no chain conveyancing. Perranporth is where the house is located. What do you suggest?
Flying freeholds in Perranporth are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Perranporth you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Perranporth may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I was recommended by a couple of local selling agents in Perranporth to find a solicitor on your site. Is there a financial incentive for Estate Agents to market your site ahead of another?
We don’t offer any commission for sending work our way. We found it would be just too difficult to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I have been sourcing a conveyancing practitioner in Perranporth for my sale. Is it possible to check a solicitor's complaints history with the legal regulator?
One can find published Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. For records Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The SRA may recorded call for training requirements.