Find a Buckinghamshire Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Buckinghamshire? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Buckinghamshire home move at risk of delay or failure.

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Recently asked questions about conveyancing in Buckinghamshire

Unfortunately I am unable to travel far from Buckinghamshire. Can you please clarify why all Buckinghamshire solicitors aren't automatically on all mortgage company panels?

Banks ordinarily impose restrictions on either the type or volume of conveyancing solicitors on their panel. A common example of such restriction(s) being that a practice needs to have at least two partners. In addition to restricting the type of firm, some have made a decision to restrict the number of organisations they allow to act for them. It is worth noting that mortgage companies have no liability for the accuracy of service supplied by any Buckinghamshire solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there are conflicting assessments concerning whether solicitors sat at the center of that fraud. Data via the Land Registry exposes that thousands of conveyancing practices only carry out one or two conveyances annually. Those advocating conveyancing panel pruning ask why law firms deserve the right to remain on a bank panel when it is apparent that property law is not their primary expertise?

What does my ID and proof of funds have anything to do with my conveyancing in Buckinghamshire? Why is this being asked of me?

Buckinghamshire conveyancing solicitors and indeed property practitioners throughout the UK have a duty under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.

Conveyancing clients will need to produce two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).

Evidence of source of monies is also necessary in compliance with the money laundering statutes as conveyancers have a duty to check that the funds you are utilising to acquire a property (be it the exchange deposit or the total purchase monies where you are a cash purchaser) has come from legitimate source (such as an inheritance) and is not the proceeds of criminal activity.

Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Buckinghamshire is where the house is located. Can you shed any light on this issue?

Flying freeholds in Buckinghamshire are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Buckinghamshire you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Buckinghamshire may determine 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 premises.

Am I right to be suspicious about estate agents that I am dealing with are encouraging me to use an online conveyancing firm rather than a local Buckinghamshire conveyancing practice?

As with many professional services, often recommendations from family and friends can be most helpful. Yet there are numerous parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and lenders may recommend lawyers to choose. On occasion these solicitors might be known to one of the organisations as experts in their field, but occasionally there behind the scenes financial incentive behind the endorsement. You have the right to select your preferred conveyancer. However, bear in mind that many banks have an approved list of law firms you have to use for the mortgage aspect of your home move.

Why do I have to send my conveyancing practitioner with numerous items of ID before they can commence with selling or buying a property in Buckinghamshire?

Buckinghamshire solicitors are required by the Law Society, Solicitors Regulation Authority, HMLR and current Money Laundering Regulations to certify that the have checked the identity of their clients. It will also be a condition of your bank where you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, NI number and date of birth.

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Find out more about how flying freehold can affect your the value of a property.