I am selling my flat in Whaley Bridge and the EA has just text me to say that the buyers are swapping conveyancer. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. Why would a leading mortgage company only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Whaley Bridge ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Whaley Bridge? What am I being asked for?
Whaley Bridge conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement no older than three months).
Proof of source of monies is also required under the money laundering statutes as lawyers are mandated to check that the money you are using to acquire a property (whether it be the deposit for exchange or the full purchase monies if you are buying mortgage free) has originated from an acceptable source (such as an inheritance) as opposed to the fruits of criminal activity.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a simple, chain free conveyancing. Whaley Bridge is where the house is located. What do you suggest?
Flying freeholds in Whaley Bridge are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Whaley Bridge you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Whaley Bridge may ascertain 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 property.
I was pointed in your direction by a number of selling agents in Whaley Bridge to find a property lawyer on your site. What’s the financial upside for Estate Agents to promote your lawyers over alternative conveyancing organisations?
We refuse to give any referral fee for sending work our way. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Frank (my husband) and I may need to let out our Whaley Bridge basement flat temporarily due to a new job. We instructed a Whaley Bridge conveyancing firm in 2003 but they have closed and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
A lease governs relations between the landlord and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Whaley Bridge do not contain subletting altogether – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Whaley Bridge Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing
-
This question is important as a) areas could result in problems in the building as the common areas may begin to deteriorate if maintenance are not paid for b) if the leasehold owners have a dispute with the running of the building you will wish to have full disclosure On the whole the outlay for major works tend not to be incorporated into the maintenance charges, albeit that a few managing agents in Whaley Bridge ask leasehold owners to contribute towards a sinking fund and this is used to offset against larger works. Is the freehold reversion owned collectively by the leaseholders?
What is the reason for my conveyancer requiring a list of items of ID before I can commence with selling or buying a property in Whaley Bridge?
Whaley Bridge conveyancers are required by the Law Society, SRA, HMLR and current Money Laundering legislation to record that the have verified the identity of their clients. It will also be a requirement of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, NI number and DOB.