My wife and I are planning to acquire a flat in Benton and have appointed a Benton conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Skipton Building Society have this evening contacted us to inform me that they have now hit a problem as our Benton lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Benton solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My wife and I are soon to complete on the purchase of a property in Benton but as a consequence of damage from a small fire at the property I have was able negotiate reparation from the current proprietors in the sum of £2k taking the form of a adjustment in the price. I had intended this to be dealt with as part of the conveyancing process yet Nationwide are not allowing this. Should they have been notified?
Any solicitor that is on a Nationwide approved list is obliged to advise Nationwide of any changes to the purchase price. If you were to refuse your solicitor to report the reduction to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new conveyancer for your conveyancing in Benton.
In what way does my ID and proof of funds have anything to do with my conveyancing in Benton? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Benton 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 evidencing where you reside.
Under Money Laundering Regulations, property lawyers are obliged by law to investigate not just the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
Forgive me if this question is silly but I am new to the process as FTB of a ground floor flat in Benton. Do I pick up the keys to the house on completion from my lawyer? If this is the case, I will find a High Street conveyancing solicitor in Benton?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s lawyers, and once they have received this, you should be able to pick up the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
I happen to be the single recipient of my late mum's estate with all property in now in my sole name, including the my former home in Benton. The Benton property was put into my name in October. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be regarded the same way as though I had purchased the property in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. many lenders would take a sensible view as this requirement is chiefly there to capture the purchase and immediately sell or the quick reselling of property.
Can I be sure that the Benton conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Benton seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the solicitor handling your transaction.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Benton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Benton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Benton you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Benton may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.