Unfortunately I am unable to travel far from Bedwas. Is there a reason why all Bedwas property lawyers are not on all lender panels?
As inequitable as it may appear for lenders to restrict who can act for them, from the public’s or conveyancer’s point of view, the the contrary view is that mortgage companies are increasingly anxious and consider it crucial to shield themselves against mortgage fraud. As a consequence of this concern banks are limiting their conveyancing panel to a size that they are happy to control.
What does my ID and proof of funds have anything to do with my conveyancing in Bedwas? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Bedwas. Nowadays you will not be able to complete any conveyancing deal without first providing proof of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Please note that if you are supplying your driving licence as proof of identification it must be both the paper element and photo card part, one is not sufficient in the absence of the other.
Evidence of your source of money is necessary under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer must have this information on file. Your Bedwas conveyancing practitioner will need to see evidence of proof of funds prior to accepting any money from you into their client account and they will also ask further questions regarding the source of funds.
How does conveyancing in Bedwas differ for new build properties?
Most buyers of new build property in Bedwas come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Bedwas typically acquire the real estate, 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 Bedwas or who has acted in the same development.
I decided to have a survey done on a property in Bedwas ahead of appointing solicitors. I have been informed that there is a flying freehold element to the property. The surveyor advised that some lenders will refuse to grant a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements from Halifax. Should you wish to telephone us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bedwas. Conveyancing will be smoother if you use a solicitor in Bedwas especially if they are familiar with such properties in Bedwas.
My husband and I are first time buyers - had an offer accepted, but the selling agent advised that the owners will only move forward if we instruct their chosen lawyers as they want an ‘expedited deal’. We would rather use a high street conveyancer used to conveyancing in Bedwas
We suspect that the owner is unaware of this requirement. If they desire ‘a quick sale', alienating a genuine purchaser is counter productive. Bypass the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are ready to progress, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you intend to instruct your preferred Bedwas conveyancing firm - not the ones that will give the negotiator at the agency a commission or achieve conveyancing figures set by corporate headquarters.