In what way does my ID and proof of funds have anything to do with my conveyancing in Oldbury? What am I being asked for?
Oldbury conveyancing solicitors and indeed property practitioners throughout the UK have a duty 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 identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Evidence of source of funds is also required in compliance with the money laundering regulations as solicitors have a duty to investigate that the monies you are utilising to purchase a property (whether it be the deposit for exchange or the full purchase amount where you are a cash purchaser) has originated from a reputable source (such as an inheritance) as opposed to the proceeds of illegitimate behaviour.
How does conveyancing in Oldbury differ for new build properties?
Most buyers of new build or newly converted property in Oldbury approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Oldbury usually buy 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 Oldbury or who has acted in the same development.
Given that I will soon spend £400,000 on 3 bedroom house in Oldbury I would like to talk to a solicitor about myhouse move prior to instructing the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you speaking to the conveyancer who will be carrying out your property ownership legalities in Oldbury.There is no ‘factory style conveyancing’ - every client is unique person, not a case number. The practices that we put you in touch with believe that the figure you are quoted for your conveyancing in Oldbury should be the figure that you end up paying.
We're novice buyers - had an offer accepted, but the selling agent advised that the seller will only move forward if we instruct the agent's preferred solicitors as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer who is familiar with conveyancing in Oldbury
We suspect that the seller is unaware of this demand. If they want ‘a quick sale', turning down a genuine purchaser is counter productive. Contact the owners directly and make sure they comprehend that (a)you are motivated buyers (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you will continue to use your preferred Oldbury conveyancing firm - not the ones that will earn the negotiator at the agency a commission or meet his conveyancing thresholds set by head office.
My solicitor in Oldbury is asking me for proof of ID documents asserting that this forms part of his legal duty as a solicitor on the bank Conveyancing panel. Is this right?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the mortgage company. This is not specific to conveyancing in Oldbury