In what way does my ID and proof of funds have anything to do with my conveyancing in Buckhurst Hill? Why is this being asked of me?
Buckhurst Hill conveyancing solicitors and indeed property lawyers accross the UK have a duty under money laundering regulations to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Proof of source of funds is also necessary under the money laundering regulations as conveyancers are required to check that the money you are utilising to purchase a property (be it the exchange deposit or the total purchase price where you are buying without a mortgage) has originated from legitimate source (such as an inheritance) rather than the fruits of illegitimate activity.
Various internet forums that I have visited warn that are the number one cause of hinderance in Buckhurst Hill conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Buckhurst Hill.
I opted to have a survey done on a property in Buckhurst Hill before instructing lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies may not grant a loan on such a premises.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. If you call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Buckhurst Hill. Conveyancing will be smoother if you use a solicitor in Buckhurst Hill especially if they are familiar with such properties in Buckhurst Hill.
Do I need to be wary about estate agents that I am dealing with are suggesting a factory type conveyancing firm rather than a local Buckhurst Hill conveyancing company?
As is the case with many service providers, often referrals from connections can be most helpful. But there are numerous players in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all put forward lawyers to retain. On occasion these solicitors might be known to one of the organisations as being good in their field, but occasionally there may be a commercial relationship behind the endorsement. You have the discretion to select your preferred lawyer. However, bear in mind that some lenders operate an approved list of solicitors you must use for the lender related work in your conveyancing.
My partner is purchasing a basement flat in Buckhurst Hill. He was given a quote by the property lawyer suggested by the estate agents and it came to £1156 . It was 9 years ago since I sold and bought a house and it cost was £450. Have charges really escalated to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Buckhurst Hill searches, land registry fees, etc)