In what way does my ID and proof of funds have anything to do with my conveyancing in Tower Hill? Is this really necessary?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the ID of the potential client they are dealing with prior to agreeing to accepting their conveyancing instruction. The Client Care letter that you are required to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to hand over identification documents, your conveyancer would not be able to act for you.
My husband and I are purchasing a 2 bedroom flat in Tower Hill with a mortgage from HSBC Bank.We like our Tower Hill conveyancing solicitor but HSBC Bank says her practice is not listed on their approved list of firms. It seems we are left with little choice but to instruct a HSBC Bank panel firm or retain our local solicitor and pay for a HSBC Bank panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that HSBC Bank use our lawyer?
Unfortunately,no. The home loan offered to you is subject to its various provisions, a common one being that lawyers needs to be on the HSBC Bank approved list. in the past, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for HSBC Bank
It has been 4 months following my purchase conveyancing in Tower Hill completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Tower Hill differ for new build properties?
Most buyers of new build premises in Tower Hill come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Tower Hill tend to purchase the land, 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 accustomed to new build conveyancing in Tower Hill or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Tower Hill is where the house is located. What do you suggest?
Flying freeholds in Tower Hill are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tower Hill you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tower Hill 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 residence.
Our bank agreed in principle to give us a mortgage. We have retained a high street conveyancer in Tower Hill two days ago. A couple of hours ago, our financial adviser called to say that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we did not have a clue that the bank had a say Is this permitted?
You are at liberty to select any conveyencer you want to instruct including the said conveyancer in Tower Hill nevertheless if your lender aren't happy with them you would have to pay an extra fee so the mortgage company can appoint their own solicitors as well to protect their interest. On occasion it is possible your solicitor may apply to get included on to the lender panel. You can use internet tools such as lenderpanel.com to find a conveyancing solcitor in Tower Hill on the lender panel. You can go into your local bank branch in Tower Hill. They can recommend conveyancing solicitors in Tower Hill on the approved list.