My fiance and I are planning to buy a property in Waterbeach and are in fact using a Waterbeach conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Santander have this afternoon contacted us to advise us that they have now hit a problem as our Waterbeach conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Waterbeach lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Please could you recommend a Santander approved Waterbeach conveyancing conveyancer who can have us moved in within a short deadline? Am I best advised to choose a high street Waterbeach conveyancer or an internet conveyancer?
We would be happy to suggest some excellent Waterbeach conveyancing firms. Another option is to visit the high street in Waterbeach. Go in to a couple of law practices and request to see a conveyancing solicitor for a costs illustration. Mention your time frames together with your reasons and ask for a commitment on your deadline. Choose the one that genuine.
In what way does my ID and proof of funds have anything to do with my conveyancing in Waterbeach? Is this really warranted?
In order to comply with Money Laundering Regulations any Waterbeach conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility account evidencing where you live.
Under Money Laundering Regulations, conveyancers are obliged by law to validate not simply the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your solicitor ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
My wife and I purchased a terraced Georgian house in Waterbeach. Conveyancing lawyer acted for me and Clydesdale. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the exact same address. Is it worth asking Clydesdale to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Waterbeach and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing practitioner who conducted the purchase.
I am purchasing my first flat in Waterbeach with a loan from Nationwide Building Society. The sellers would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not reveal to my conveyancer about the deal as it will jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My uncle has urged me to appoint his conveyancing solicitors in Waterbeach. Should I use them?
There are no two ways about it it’s preferable to select a conveyancing practitioner is to get feedback from friends or family who have actually experience in using the solicitor you're are thinking of instructing.