What does my ID and proof of funds have anything to do with my conveyancing in Studley? Why is this being asked of me?
Studley conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no older than three months).
Confirmation of source of funds is also necessary in accordance with the money laundering regulations as lawyers are required to check that the money you are utilising to buy a property (whether it be the deposit for exchange or the full purchase price if you are buying mortgage free) has originated from an acceptable source (such as employment savings) rather than the proceeds of illegitimate behaviour.
Do I need to pop into the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Studley so that I can pop in to their offices if required.
As opposed to 12 years ago, almost all banks no longer oblige their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to supply ID documents and there are still distinct advantages to instructing a locally based practitioner, in your situation a conveyancing solicitor in Studley.
Should my solicitor be asking questions about flooding during the conveyancing in Studley.
Flooding is a growing risk for conveyancers dealing with homes in Studley. Some people will purchase a property in Studley, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, but there are a numerous searches that may be undertaken by the buyer or on a buyer’s behalf which will figure out the risks in Studley. The conventional set of information sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to discover if the property has historically flooded. If the premises has been flooded in past and is not notified by the owner, then a buyer could commence a compensation claim as a result of such an incorrect answer. A purchaser’s lawyers may also carry out an enviro report. This should indicate whether there is a recorded flood risk. If so, more detailed inquiries will need to be made.
Are there restrictive covenants that are commonly identified during conveyancing in Studley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Studley. 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…’
How does conveyancing in Studley differ for newly converted properties?
Most buyers of new build residence in Studley contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Studley usually purchase the site, 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 property lawyers 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 Studley or who has acted in the same development.
Is it best to go with a Studley conveyancing solicitor who is local to the property I am buying? I have an old university friend who can perform the legal formalities but her office is over three hundred kilometers away.
The primary upside of using a high street Studley conveyancing practice is that you can pop in to execute paperwork, hand in your ID and pester them if necessary. Having local Studley know how is a bonus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and on the whole were content that should trump using an unfamiliar Studley conveyancing solicitor just because they are round the corner.