We are nearing an exchange on a flat in Harefield and my parents have transferred the exchange deposit to my conveyancer. I am now informed that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
Your conveyancer is legally required to check with the bank to ensure that they know that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Harefield? What am I being asked for?
In order to comply with Money Laundering Regulations any Harefield conveyancing firm will require proof of identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are required to ascertain not simply the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this will result in your solicitor ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
Do I need to attend the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Harefield so that I can pop in to their offices if required.
As opposed to twenty years ago, most lenders no longer need their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to hand over ID documents and there are still distinct advantages to instructing a locally based ayer, in your situation a conveyancing solicitor in Harefield.
Do commercial conveyancing searches reveal proposed roadworks that could affect a commercial site in Harefield?
Many commercial conveyancing solicitors in Harefield will conduct a SiteSolutions Highways report as it reduces the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Harefield. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Harefield.
For every commercial conveyancing transaction in Harefield it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could result in delays to Harefield commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Harefield.
Should I go with a Harefield conveyancing solicitor who is local to the property I am buying? An old friend can perform the legal formalities however they are based a couple of hundredkilometers drive away.
The primary upside of using a high street Harefield conveyancing practice is that you can visit the firm to sign documents, deliver your ID and apply pressure on them if necessary. Having local Harefield know how is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and they were impressed that should outweigh using an unknown Harefield conveyancing solicitor solely due to them being local.