What does my ID and proof of funds have anything to do with my conveyancing in Fakenham? What am I being asked for?
Fakenham conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Evidence of the origin of funds is also necessary in accordance with the money laundering laws as lawyers are obliged to ensure that the money you are using to buy a property (be it the exchange deposit or the total purchase amount if you are a cash purchaser) has come from an acceptable source (such as an inheritance) rather than the product of criminal behaviour.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Fakenham. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 7/2/2019, the requirements read as follows :
A friend pointed out to me me that in buying a property in Fakenham there could be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are a number of properties in Fakenham which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Fakenham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have agreed to purchase a house in Fakenham. One unusual aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Skipton your lawyer must check the formal requirements contained in Part two of UK Finance Lenders’ Handbook for Skipton. The Council of Mortgage Lenders’ Handbook stipulates minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Skipton where a lease does not meet these specifications. The requirements relate to the installation of panels on properties countrywide and is not limited to Fakenham.
After shopping around on the internet I have found a Fakenham solicitor having made sure that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Fakenham postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Fakenham.
I have a terraced Victorian property in Fakenham. Conveyancing solicitor acted for me and Accord Mortgages Ltd. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Fakenham and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing practitioner who conducted the conveyancing.
I'm purchasing a new build house in Fakenham with the aid of help to buy. The builders refused to reduce the price so I negotiated £7000 of additionals instead. The house builders rep advised me not reveal to my lawyer about this side-deal as it could jeopardize my loan with the lender. Should I keep quiet?.
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.