My wife and I are looking to buy a property in Rochester and have instructed a Rochester conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. National Westminster Bank have this morning contacted us to advise us that they have now hit a problem as our Rochester solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also act for the purchaser's lender. 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 Quality 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 as you are at liberty to use your preferred Rochester lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
In what way does my ID and proof of funds have anything to do with my conveyancing in Rochester? Why is this being asked of me?
Rochester conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement no more than three months).
Proof of source of monies is also required in compliance with the money laundering regulations as solicitors are obliged to ensure that the monies you are using to acquire a property (whether it be the deposit for exchange or the full purchase amount if you are buying mortgage free) has come from a reputable source (such as an inheritance) rather than the product of criminal activity.
This question may be naive but I am unexperienced as a first time buyer of a two bedroom flat in Rochester. Do I pick up the keys to the property on completion from my solicitor? If this is the case, I will find a High Street conveyancing solicitor in Rochester?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the seller's solicitors, and once they have received this, you should be invited to collect the keys from the property Agents and move into your new home. This tends to happen early afternoon.
I'm the sole beneficiary of my late father’s estate and I have everything in my name alone, including the house in Rochester. The Rochester property was put into my name in January. I now wish to sell up. I understand that there is a CML 6 month 'rule', meaning my property ownership will be regarded the same way as if I'd bought the house in January. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How sensible a view lenders take of it, depend on the lender as this requirement principally exists to identify subsales or the wholesaling and assigning of properties.
My offer was accepted on a property in Rochester on 4/1/2021, valuation was booked 2 days later, all came back fine. Conveyancer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Nationwide and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Nationwide conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
I require expedited conveyancing in Rochester as I have pressure to sign on the dotted line within one month. Luckily I do not require a mortgage. Can I decline from having conveyancing searches to save fees and time?
As you are not obtaining a home loan you have the choice not to do searches although no lawyer would suggest that you don't. Drawing on years of experience of conveyancing in Rochester the following are instances of what can crop up and adversely affect the marketability of the property: Enforcement Notices, Outstanding Fees, Overdue Grants, Road Schemes,...
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Rochester is where the house is located. What do you suggest?
Flying freeholds in Rochester are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rochester you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rochester may decide 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 property.
I have been sourcing a conveyancing solicitor in Rochester for my remortgage. Is it possible to see a solicitor's record with the legal regulator?
Members of the public can find documented Solicitor Regulator Association (SRA) determinations resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The SRA may recorded call for training reasons.