I am not well enough to travel far from City Of London. Is there a reason why all City Of London solicitors are not on all bank panels?
Banks highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The elimination of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. It led to mortgage companies purging a number of firms off their books of approved lawyers .
What does my ID and proof of funds have anything to do with my conveyancing in City Of London? What am I being asked for?
City Of London conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Proof of the origin of monies is also necessary in compliance with the money laundering regulations as solicitors are duty bound to investigate that the monies you are utilising to buy a property (whether it be the deposit for exchange or the total purchase monies if you are buying mortgage free) has come from an acceptable source (such as employment savings) rather than the product of illegitimate activity.
My husband and I have arranged the release of further monies on our home loan from Nottingham as we intend to conduct alterations to our house in City Of London. Are we obliged to choose a bricks and mortar City Of London solicitor on the Nottingham conveyancing panel to deal with the legals?
Nottingham don't usually appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham list.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a City Of London conveyancer on the Virgin Money panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my City Of London bank branch on numerous occasions and was informed it wasn't a problem and they will lend. My City Of London conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your solicitor has to follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
A relative suggested that where I am purchasing in City Of London I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your City Of London conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about City Of London around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, City Of London Education with maps and statistics, Local Amenities and other useful data concerning City Of London.
Due to the guidance of my in-laws I had a survey completed on a house in City Of London prior to appointing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some banks tend not issue a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. If you e-mail us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in City Of London. Conveyancing will be smoother if you use a solicitor in City Of London especially if they regularly deal with such properties in City Of London.