In what way does my ID and proof of funds have anything to do with my conveyancing in Amble? Is this really necessary?
To satisfy the Money Laundering Regulations any Amble conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you reside.
In accordance with Money Laundering Regulations, conveyancers are required to investigate not simply the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may result in your solicitor terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the relevant authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
My property lawyer in Amble is not on the Nationwide Building Society Solicitor Panel. Can I still continue with my prefered solicitor even though they are not on the Nationwide Building Society panel of approved conveyancing solicitors?
The limited options open to you here include:
- Complete the purchase with your existing Amble solicitors but Nationwide Building Society will need to retain a lawyer on their list of acceptable firms. This will inevitably rack up the total legal charges as well as result in frustration.
- Get an alternative solicitor to act in the conveyancing, not forgetting to check they are on the Nationwide Building Society panel
Is it the case that all Amble CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing list of approved firms?
Some major lenders now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
We have agreed to purchase a house in Amble. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Coventry BS be concerned?
As you are obtaining a mortgage with Coventry BS your lawyer must check the formal instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Coventry BS where a lease does not comply with these conditions. The conditions relate to the installation of panels on properties countrywide and is not limited to Amble.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Amble bank branch on numerous occasions and was informed it wasn't a problem and they would lend. My Amble conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your property lawyer has to follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I opted to have a survey completed on a house in Amble before appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies may not give a loan on a flying freehold property.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Amble. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Amble to see if the conveyancing costs will increase in light of this.
Should I be concerned about estate agents that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Amble conveyancing practice?
As with lots of service providers, often input from family and friends can be very helpful. Yet there are many players in a conveyancing transaction; estate agents, mortgage brokers and banks might all suggest solicitors to retain. On occasion the conveyancers might be known to one of the organisations as experts in their field, but sometimes there may be a financial incentive behind the recommendation. You have the discretion to appoint your own conveyancer. You need to be aware that many mortgage providers specify a panel list of law firms you are obliged to use for the lender aspect of your house move.