I can't travel far from Bexhill. Is there a reason why all Bexhill conveyancers aren't automatically on all bank panels?
A decade ago most mortgage companies had an attitude to risk which differs from the current day. The financial regulator in 2010 instigated a thematic review into property fraud which in summary warned lenders: know the property lawyers on your panel. Consequently, mortgage companies have subsequently looked to extract more data from law firms regarding their operations and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Many law practices have been removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum volume of transactions the lenders insisted on.
What does my ID and proof of funds have anything to do with my conveyancing in Bexhill? Is this really warranted?
Bexhill conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill no older than three months).
Confirmation of source of funds is also necessary in accordance with the money laundering statutes as lawyers are obliged to investigate that the money you are utilising to purchase a property (be it the exchange deposit or the total purchase monies if you are a cash purchaser) has come from an acceptable source (such as an inheritance) as opposed to the proceeds of illegitimate behaviour.
What happens if my lawyer’s firm is suspended from the Principality Conveyancing panel ahead of completing my conveyancing in Bexhill?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Me and my partner are buying a property in Bexhill. It might be a silly question but how we can trust a lawyer? On completion day we have to send money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
is it true that all Bexhill solicitor firms on the Bank of Ireland conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do list licenced conveyancers on their panel and in that case the firms would be governed by the CLC.
My offer on a property in Bexhill has been agreed to, the vendors do however have an associated purchase. The owners have placed an offer on somewhere, but it’s not yet agreed to, and are looking at other flats in the pipeline. I have selected a nearby conveyancing solicitor in Bexhill. What do I do now? At what stage do I apply for the mortgage with HSBC?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx £1k, then survey, Bexhill conveyancing search charges, etc). The first course of action is to check that your conveyancer is on the HSBC approved list. As to the subsequent steps this very much dictated by the specifics of your transaction, attraction to this property and on the state of the market. During a buoyant market some purchasers would apply for a home loan with HSBC and pay for the valuation and only if it comes back ok would they ask their property lawyer to proceed with searches.
What will a local search inform me concerning the property I am purchasing in Bexhill?
Bexhill conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations such as Searchflow The local search is essential in every Bexhill conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search should provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.