Due to move into my new home in Somerset next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the bank expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Somerset.
What does my ID and proof of funds have anything to do with my conveyancing in Somerset? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Somerset conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing where you reside.
In accordance with Money Laundering Regulations, property lawyers are duty bound to validate not only the ID of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will lead to your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
We are getting a further advance on our mortgage from Leeds Building Society as we intend to conduct alterations to our house in Somerset. Do we need to select a bricks and mortar Somerset solicitor on the Leeds Building Society conveyancing panel to handle the paperwork?
Leeds Building Society do not ordinarily instruct a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a Somerset lawyer on the Nottingham panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
My offer was accepted on a house in Somerset on 15/3/2024, valuation was booked 2 days later, all came back fine. Solicitor instructed, so all that was missing was my mortgage offer. Having made daily calls to Nottingham and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Nottingham conveyancing panel. Are Nottingham entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
I need some expedited conveyancing in Somerset as I am faced with a deadline to exchange contracts in less than 2 weeks. A mortgage is not required. Can I escape the need for conveyancing searches to save money and time?
As you are not taking a mortgage you have the choice not to have searches conducted although no conveyancer would suggest that you don't. With lots of history conveyancing in Somerset the following are instances of issues that can be revealed and therefore impact future mortgageability: Enforcement Actions, Outstanding Charges, Overdue Grants, Unadopted Roads,...
I am buying a new build apartment in Somerset. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Somerset
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are surveyor prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I have been sourcing a conveyancing lawyer in Somerset for my remortgage. Can I check a firm’s complaints history with the profession’s regulator?
Members of the public may search for documented Solicitor Regulator Association (SRA) decisions arising from investigations from 2008 onwards. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, use +44 (0)121 329 6800. The SRA may monitor call for training requirements.