Am I correct in assuming that the fact that my conveyancer in Chalfont St Giles is not listed on my bank's conveyancing panel that there is a problem with the quality of his conveyancing?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Chalfont St Giles conveyancing firm and ask them why they are no longer on the approved list for your bank.
Due to move into my new home in Chalfont St Giles next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the lender expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These requirements are not specific to conveyancing in Chalfont St Giles.
In what way does my ID and proof of funds have anything to do with my conveyancing in Chalfont St Giles? Is this really warranted?
In order to comply with Money Laundering Regulations any Chalfont St Giles conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
In accordance with Money Laundering Regulations, conveyancers are required to check not only the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I moved into my home on 14 July and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Chalfont St Giles advises it will be registered in less than a month. Are properties in Chalfont St Giles uniquely lengthy to register?
As far as conveyancing in Chalfont St Giles is concerned, registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can vary depending on who lodges the application, whether there are errors and whether the Land registry must send notices to any 3rd persons or bodies. As of today in the region of 80% of submission are completed within 12 days but some can be subject to extensive hold-ups. Registration occurs after the new owner has moved in to the property so 'speed' is not usually primary concern but where there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for an expedited registration.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Chalfont St Giles is where the house is located. Is there any advice you can give?
Flying freeholds in Chalfont St Giles are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chalfont St Giles 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 Chalfont St Giles 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.