What does my ID and proof of funds have anything to do with my conveyancing in Colyton? What am I being asked for?
Colyton conveyancing solicitors and indeed property practitioners accross the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement no more than three months).
Evidence of the origin of monies is also necessary in accordance with the money laundering statutes as conveyancers have a duty to investigate that the money you are utilising to buy a property (be it the exchange deposit or the full purchase price if you are a cash purchaser) has originated from legitimate source (such as employment savings) rather than the proceeds of illegitimate activity.
My Conveyancer in Colyton is not on the The Mortgage Works Approved Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are not on the The Mortgage Works list of approved lawyers?
The limited options open to you here include:
- Carry on with your preferred Colyton solicitors but The Mortgage Works will need to use a solicitor on their panel. This will result in additional overall legal fees as well as cause frustration.
- Choose an alternative practitioner to to deal with the conveyancing, obviously checking they are The Mortgage Works approved.
- Persuade your The Mortgage Works solicitor to seek to join the The Mortgage Works panel
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Colyton is where the house is located. What do you suggest?
Flying freeholds in Colyton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Colyton you must be sure that your lawyer goes 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 Colyton 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 property.
Am I better off to go with a Colyton conveyancing lawyer in close proximity to the house I am purchasing? We have a good friend who can deal with the legal work however her office is 400kilometers away.
The benefit of a local Colyton conveyancing firm is that you can attend the office to execute paperwork, hand in your identification documents and pester them where appropriate. Having local Colyton know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and the majority were happy that must outweigh using an unfamiliar Colyton conveyancing lawyer just because they are local.
My father-in-law mentioned that when choosing a conveyancing solicitors they must be approved by your mortgage company. I am novice purchaser but I have an offer in principle with Nat West Bank and I already have a bricks and morter conveyancing lawyer in Colyton on standby. Does Virgin Money insist on an approved solicitor to be used? If so, where can I find that list for my conveyancing in Colyton?
You need to choose a solicitor that is on the Virgin Money panel. Just telephone your chosen Colyton conveyancing solicitor and ask if they are on the Virgin Money panel. If they are not approved you have a couple of alternatives available to you here:
- Complete the purchase with your preferred Colyton solicitor but Virgin Money will undoubtedly use a lawyer from their approved panel. The net result is additional cost and likely interruption.
- Choose a new lawyer to act in the purchase, making sure they are on the Virgin Money conveyancing panel.
- Convince your property lawyer to apply to join the bank panel.