Our solicitor has uncovered a defect with the lease for the apartment we are purchasing in Hurworth. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that he must check that the lender is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Hurworth? What am I being asked for?
Hurworth conveyancing solicitors as well as nationwide property practitioners accross the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Evidence of the origin of funds is also required in compliance with the money laundering regulations as solicitors have a duty to investigate that the monies you are using to acquire a property (be it the exchange deposit or the total purchase amount if you are a cash purchaser) has come from legitimate source (such as an inheritance) rather than the proceeds of illegitimate activity.
I am helping my niece sell her house in Hurworth. Will the conveyancing solicitor commission the energy assessment or it is for the owner to see to?
After the abolition of HIPs, energy assessments remained a mandatory part of moving house. An EPC needs to be to hand before the property is marketed. This is not as aspect of the sale process that conveyancers ordinarily organise. If you are instructing a Hurworth conveyancing practitioner they might help arrange EPC’s given their contacts with long established local energy assessors
We are aiming to move property in February. Does my conveyancing solicitor liaise with the removal company on the completion day. On a separate note, can you suggest a removal company in Hurworth. Conveyancing firm was organised before I stumbled across this page.
On the afternoon of completion you can collect the house keys from your selling agent but this should only be done when the sellers lawyers advise the agent that the monies to complete are in and the keys can be released. After that you should inform the removal men that they can start moving you in. As a matter of policy we do not recommend a specific removal company but can assist you in locating a residential property solicitor in Hurworth or a lawyer that specialises in conveyancing in Hurworth.
is it true that all Hurworth solicitor practices on the Co-operative conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Co-operative conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some banks do allow licenced conveyancers on their panel and in such a situation the practice would be regulated by the CLC.
Should my solicitor be raising questions about flooding during the conveyancing in Hurworth.
Flooding is a growing risk for solicitors dealing with homes in Hurworth. There are those who purchase a house in Hurworth, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a number of searches that may be undertaken by the buyer or by their solicitors which can figure out the risks in Hurworth. The conventional set of property information forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to find out if the property has historically flooded. In the event that the property has been flooded in past and is not revealed by the vendor, then a purchaser could commence a legal claim for losses stemming from an incorrect reply. A purchaser’s lawyers will also carry out an enviro report. This should reveal whether there is any known flood risk. If so, more detailed inquiries should be carried out.
I'm purchasing my first flat in Hurworth with a loan from Leeds Building Society. The developers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not disclose to my solicitor about the side-deal as it could put at risk my loan with the bank. Is this normal?.
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.