What does my ID and proof of funds have anything to do with my conveyancing in Silsoe? What am I being asked for?
Silsoe conveyancing solicitors and indeed property lawyers throughout the UK have a duty under money laundering regulations to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Evidence of source of monies is also necessary under the money laundering statutes as conveyancers are duty bound to ensure that the funds you are utilising to purchase a property (whether it be the deposit for exchange or the total purchase amount if you are buying without a mortgage) has originated from a reputable source (such as employment savings) rather than the fruits of illegitimate behaviour.
My wife and I have recently appointed a conveyancing solicitor in Silsoe. I need to find out if they are accepted on the Virgin Money conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing you should do is contact the solicitor and ask them whether they can act for the bank. Otherwise you should get in touch with Virgin Money who may be able to confirm.
My lawyer has informed me that lack of building regulations insurance is needed on my purchase. What is the level of cover for Silsoe conveyancing?
The right level of lack of building regulations indemnity insurance depends on who your lender is. It would differ for example between Barclays and Skipton Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
I have a mortgage with Skipton for my property in Silsoe. Conveyancing has been completed 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval in advance of renting your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Skipton directly. You need not do this via a Skipton conveyancing panel lawyer.
I can not fathom if my mortgage offer requires a lease extension. I have telephoned my Silsoe bank branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Silsoe conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your solicitor must follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am close to exchanging contracts on the sale of our home in Silsoe and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the buyers used a web based conveyancing firm rather than a conveyancing solicitor in Silsoe. Having lived in Silsoe for 5 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain confirmation need.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I opted to have a survey done on a house in Silsoe in advance of instructing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some lenders tend not issue a loan on this type of home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Silsoe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Silsoe to see if the conveyancing costs will increase in light of this.
Is it best to appoint a Silsoe conveyancing lawyer in close proximity to the house I am buying? We have a good friend who can handle the legal formalities however they are based a couple of hundredmiles drive away.
The benefit of a high street Silsoe conveyancing firm is that you can visit the firm to sign documents, hand in your ID and apply pressure on them where appropriate. Having local Silsoe know how is a plus. However it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and the majority were happy that should trump using an unfamiliar Silsoe conveyancing lawyer just because they are round the corner.