Unfortunately I am unable to travel far from Buckinghamshire. What is the rationale as to why all Buckinghamshire conveyancers are not on all bank panels?
A decade ago most lenders displayed an attitude to risk which differs from the current day. The financial regulator in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the conveyancers on your panel. Accordingly, lenders have since looked to extract more data from law firms concerning their processes and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Many firms have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the minimum amount of transactions the lenders set.
What does my ID and proof of funds have anything to do with my conveyancing in Buckinghamshire? What am I being asked for?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Buckinghamshire. However these days you can not proceed with any conveyancing deal without first supplying evidence of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Remember if you are supplying your driving licence as proof of ID it needs to be both the paper element as well as the photo card part, one is not sufficient without the other.
Evidence of your origin of money is mandated under Money Laundering Regulations. Please do not be offended when when this is requested of you as your lawyer will need to retain this information on file. Your Buckinghamshire conveyancing practitioner will require evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask additional queries regarding the source of monies.
I have been told that property searches are the main reason for delay in Buckinghamshire conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Buckinghamshire.
I own a leasehold flat in Buckinghamshire. Conveyancing and The Mortgage Works mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Buckinghamshire who acted for me is not around. Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Buckinghamshire conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Buckinghamshire Leasehold Conveyancing - Examples of Queries before Purchasing
The prefered form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is often retained where it is larger than a house conversion, the managing agent retained by the leaseholders. Is there a share of the freehold? Does the lease include onerous restrictions?
I have been informed by various estate agents that it can take up to two months for Buckinghamshire conveyancing to complete.This was 3 ago. The property information was only forwarded from the vendors property lawyer a few days ago so does the clock start running now?
One should take with a pinch of salt any promises as to expedited completion times. Instead ask the average timeframe to complete Buckinghamshire conveyancing transactions and if they are content to move towards an agreed target date for your home move in Buckinghamshire