I am buying a property without a mortgage in Lincoln. I have resided for the last 20 years in Lincoln. Conveyancing searches are exorbitant. As I have knowledge of the road and vicinity intimately must I have all the conveyancing searches?
Provided that you do not need a mortgage, then the vast majority of the Lincoln conveyancing searches are at your discretion. Your conveyancer will 'advise', no-doubt strongly, that you should have searches done, but he is duty bound to take that path of guidance. Do take into account; if you are intend to sell the house at a future date, it will likely be be of importance to your future buyer what the searches disclose. Sometimes properties with apparent issues can still show up unfavourable search results. A competent conveyancing solicitor in Lincoln will provide you some sensible advice in this regard.
What does my ID and proof of funds have anything to do with my conveyancing in Lincoln? Why is this being asked of me?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Lincoln. However these days you will not be able to proceed with any conveyancing process in the absence handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a council tax bill. Remember if you are providing your driving licence as proof of identification it must be both the paper part and photo card part, one is not acceptable in the absence of the other.
Evidence of your origin of monies is required under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your lawyer must have this information on record. Your Lincoln conveyancing lawyer will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they should also ask additional queries regarding the origin of funds.
I had intended to instruct a property lawyer in Lincoln for our home move. Our broker informed us that our mortgage lenders HSBC Bank won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Lincoln conveyancing firms would have been on many lender panels. The FSA in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms relating to their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of conveyancing. Many Lincoln conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Lincoln is one of the many locations where the conveyancers we recommend are members of the panel for HSBC Bank.
A friend advised me that where I am buying in Lincoln I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Lincoln conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Lincoln around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Lincoln Education with plans and statistics, Local Amenities and other useful data concerning Lincoln.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Lincoln is the location of the property. What do you suggest?
Flying freeholds in Lincoln are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lincoln you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lincoln may ascertain 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 residence.