What does my ID and proof of funds have anything to do with my conveyancing in Neasden? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Neasden. However these days you will not be able to proceed with any conveyancing process in the absence submitting proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Please note that if you are supplying your driving licence as proof of ID it needs to be both the paper element as well as the photo card part, one is not satisfactory in the absence of the other.
Verification of the source of money is necessary under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor must retain this information on file. Your Neasden conveyancing lawyer will require evidence of proof of funds before they are able to accept any money from you into their client account and they may also ask further questions regarding the origin of monies.
What is the difference between a licensed conveyancer and conveyancing solicitor in Neasden
There are many registered licenced Conveyancers in Neasden and Solicitor partnerships in Neasden who provide Conveyancing services It is important to make clear that the two are regulated professionals specialising in the legal work in the home buying process. The two can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I'm the single recipient of my late mum's estate with all property in now in my sole name, including the house in Neasden. The Neasden property was put into my name in April. I want to move. I understand that there is a CML 6 month 'rule', meaning my property ownership could be treated the same way as if I'd bought the property in April. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. many banks would take a pragmatic view as this obligation chiefly exists to identify the purchase and immediately sell or the flipping of property.
Barclays have agreed my mortgage in principle, my bid on a flat in Neasden has been agreed to, what are the next steps?
Your estate agent will want to know who your solicitors are (ensure that the lawyers are on the lender’s panel). Contact Barclays or the broker and finish off any relevant paperwork. Barclays will instruct a valuer who will get in touch with the selling agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Barclays will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Neasden.
I am buying my first flat in Neasden with the aid of help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent told me not disclose to my lawyer about this extras as it could adversely affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the guidance of my in-laws I had a survey completed on a house in Neasden in advance of retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some banks tend not give a loan on this type of property.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Neasden. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Neasden to see if the conveyancing will be more expensive.
My 20yr old son is embarking on her first house purchase, the home loan was agreed last week in principle. After the seller agreed the offer on the apartment we telephoned the lender to go forward with his. I was very surprised to learn that mortgage lenders do not accept all conveyancer, they have to be on a list, is this correct?
Lenders normally restrict either the type or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Neasden conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.