My husband and I are hoping to acquire a property in Widdrington and are in fact using a Widdrington conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this evening contacted us to inform me that there is now an issue as our Widdrington conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. 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 solicitor 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 and you may continue to use your own Widdrington solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Widdrington? What am I being asked for?
Widdrington conveyancing solicitors and indeed property practitioners accross the UK have an obligation under money laundering regulations to verify the identity 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 identification; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Proof of source of monies is also necessary under the money laundering statutes as conveyancers are mandated to check that the money you are using to purchase a property (whether it be the deposit for exchange or the total purchase amount if you are a cash purchaser) has originated from an acceptable source (such as an inheritance) rather than the proceeds of illegitimate behaviour.
What does a local search inform me about the house we're buying in Widdrington?
Widdrington conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Searches UK The local search plays an important part in many a Widdrington conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your new home. The search will provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
How does conveyancing in Widdrington differ for new build properties?
Most buyers of new build residence in Widdrington come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Widdrington tend to 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 conveyancing solicitors 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 Widdrington or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and found one close by in Widdrington I like with open areas and transport links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Widdrington in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan that many years may be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
Should I go with a Widdrington conveyancing lawyer based in the area that I am purchasing? An old friend can deal with the conveyancing however his firm is located 400miles drive away.
The benefit of a high street Widdrington conveyancing firm is that you can visit the firm to execute paperwork, present your ID and apply pressure on them where appropriate. Having local Widdrington know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and the majority were impressed that must outweigh using an unfamiliar Widdrington conveyancing solicitor just because they are based in the area.