In what way does my ID and proof of funds have anything to do with my conveyancing in Putney? Why is this being asked of me?
Putney conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under money laundering regulations to check the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement no more than three months).
Confirmation of source of funds is also required under the money laundering regulations as lawyers are required to check that the funds you are using to acquire a property (be it the exchange deposit or the total purchase price if you are buying mortgage free) has originated from legitimate source (such as employment savings) as opposed to the fruits of illegitimate activity.
My brother-in-law has suggested I instruct a conveyancing solicitor in Putney. I I am struggling to find out whether they are accepted on the Barclays approved list of lawyers. Could you or the lender confirm if they are on the panel?
The first thing you should do is call your lawyer and ask them whether they are on the lender panel. Alternatively you can call Barclays who may be able to assist.
A friend informed me that in buying a property in Putney there may be various restrictions prohibiting external alterations to the property. Is this right?
We are aware of a number of properties in Putney which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Putney should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My lawyer has informed me that missing deeds insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Putney?
The right level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Virgin Money. Conveyancing lawyers as opposed to members of the public take out such insurances.
I have a mortgage with Leeds Building Society for my property in Putney. Conveyancing was finalised some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Your original mortgage agreement with Leeds Building Society will provide that you need their approval in advance of renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel firm.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Putney?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Putney. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying a new build house in Putney with a loan from Barclays Direct. The sellers refused to budge the price so I negotiated 6k of extras instead. The sale representative suggested that I not reveal to my conveyancer about the deal as it may jeopardize 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 am looking for a conveyancing practitioner in Putney for my remortgage. Is it possible to check a firm’s record with the legal regulator?
Members of the public can read published Solicitor Regulator Association (SRA) determinations resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find information Pre 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training requirements.