I am not in a position to travel far from Westbourne. Is there a reason why all Westbourne conveyancers aren't included on all mortgage company panels?
Before the recession most mortgage companies demonstrated an approach to risk which is different from today. The FSA in 2010 carried out a thematic review into property fraud which concluded: know the conveyancing practitioners on your panel. Accordingly, mortgage companies have since looked to extract more information from law firms about their processes and the staff who work for them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of amount of transactions the mortgage companies required.
The Westbourne conveyancing firm handling our Westbourne conveyancing has spotted an inconsistency when comparing the surveyor’s assumptions in the valuation report and what is in the legal papers for the property. My solicitor says that he must check that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance legitimate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Westbourne? Is this really necessary?
Westbourne conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill less than 3 months old).
Proof of source of monies is also necessary in accordance with the money laundering laws as solicitors are duty bound to investigate that the funds you are utilising to acquire a property (whether it be the deposit for exchange or the total purchase monies where you are buying without a mortgage) has come from legitimate source (such as employment savings) as opposed to the product of criminal activity.
Do I need to pay for insurance to address the risk of chancel repairs when purchasing a property in Westbourne?
Unless a prior acquisition of the premises completed after 12 October 2013 you can take it that lawyers carrying out conveyancing in Westbourne to continue to suggest a chancel search and or chancel repair liability insurance.
4 months have elapsed since my purchase conveyancing in Westbourne took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.