What does my ID and proof of funds have anything to do with my conveyancing in Verwood? Why is this being asked of me?
Verwood conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under money laundering regulations to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Proof of the origin of monies is also necessary under the money laundering statutes as solicitors are mandated to investigate that the money you are utilising to acquire a property (whether it be the deposit for exchange or the full purchase monies if you are a cash purchaser) has originated from legitimate source (such as an inheritance) and is not the proceeds of illegitimate activity.
When it comes to lenders such as Co-operative, do Verwood property lawyers incur a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We had instructed conveyancers with offices in Verwood on the Virgin Money solicitor panel. They have just billed me a separate sum for the legal aspects of the Virgin Money mortgage. Is this a supplemental conveyancing fee specified by Virgin Money?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your property lawyer can charge a fee for this. The charge is not dictated by Virgin Money but by your Verwood solicitor. Numerous firms on the Virgin Money panel will levy ’dealing with mortgage’ fee and others do not.
Clydesdale have agreed my home loan in principle, my offer on a house in Verwood has been accepted, what are the next steps?
Your property agent will need to be advised as to your lawyer's details (be sure the solicitors are on the bank’s approved list). Call up Clydesdale or the broker and finalise any relevant paperwork. Clydesdale will sellect a valuer who will get in touch with the estate agent or vendor to book an appointment. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Clydesdale will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Verwood.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Verwood. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Verwood
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I opted to have a survey completed on a property in Verwood in advance of retaining lawyers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies tend refuse to issue a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Verwood. Conveyancing may be slightly more expensive based on your lender's requirements.
How simple is it to swap solicitor as I have to find a firm on the Leeds Building Society conveyancing list. I had appointed a high street conveyancing solicitor in Verwood round the corner but she is not accepted by Leeds Building Society
We will our best to assist in finding you a conveyancing solicitor in Verwood on the Leeds Building Society panel. Please note that the solicitors that we list do not pay us commission if you instruct them and are fully regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Verwood. In utilising search facility on this page, you can compare costs for conveyancing solicitors in Verwood and beyond.
There are a lot of houses in Verwood on private lanes. We are buying one such house. What are the pros and cons of buying a property on a private road?
Verwood conveyancing solicitors will be familiar with transacting homeson unadopted roads. The lawyer will review the Land Registry data to find any rights or liabilities. In many cases there is a management company (wholly owned by residents) that residents pay into to maintain the road. If there is one, the road should be maintained and look nicer than publicly adopted.