We are planning to purchase a 2 bedroom apartment in Downend with a mortgage. We like our Downend solicitor, but the bank advise he's not on their "panel". It seems we have little choice but to appoint one of the mortgage company panel solicitors or retain our Downend conveyancer as well as pay for one of their panel firms to act for them. We consider that this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Downend conveyancing solicitor to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Downend? What am I being asked for?
It is indeed that case that these requests have nothing to do with conveyancing in Downend. However these days you will not be able to complete any conveyancing transaction in the absence submitting proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a bank statement. Please note that if you are supplying your driving licence as evidence of identification it must be both the paper part and photo card part, one is not sufficient in the absence of the other.
Proof of the source of monies is required under Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancing solicitor must have this information on record. Your Downend conveyancing lawyer will require evidence of proof of funds prior to accepting any monies from you into their client account and they should also ask additional queries concerning the source of monies.
I am buying my first flat in Downend with a loan from Coventry Building Society. The developers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not disclose to my lawyer about this extras as it will impact my loan with Coventry Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a ground for flat up to £195,000 and identified one round the corner in Downend I like with a park and transport links nearby, however it's only got 52 years on the lease. There is not much else in Downend in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage that many years may be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Why do I have to send my conveyancing practitioner with various items of identification ahead of starting my conveyancing in Downend?
Downend solicitors are duty bound by the Law Society, SRA, HM Land Registry and current Money Laundering Regulations to certify that the have verified the identity of their clients. It will also be a condition of your mortgage offer. 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.