What does my ID and proof of funds have anything to do with my conveyancing in Lincoln? What am I being asked for?
Lincoln conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Proof of the origin of monies is also required under the money laundering statutes as conveyancers are mandated to ensure that the monies you are using to buy a property (whether it be the deposit for exchange or the total purchase price where you are buying mortgage free) has come from legitimate source (such as employment savings) as opposed to the fruits of illegitimate behaviour.
When it comes to mortgage companies such as TSB, do Lincoln property lawyers face a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I am currently in the process of buying my council flat in Lincoln. I have a mortgage agreed with Yorkshire BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
After shopping around on the internet I have found a Lincoln conveyancing practitioner having checked that they are on the Virgin Money conveyancing panel. Does my lawyer arrange the survey of the property?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money 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 Lincoln postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Lincoln.
four months have gone by since my purchase conveyancing in Lincoln took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Lincoln differ for new build properties?
Most buyers of new build property in Lincoln contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Lincoln tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Lincoln or who has acted in the same development.
I am searching for Lincoln competitive conveyancing fees. Can I be confident that all the Lincoln law firms that are listed on your website are on the lender conveyancing panel?
The solicitor and licensed conveyancing practices on our directory have assured us via an online form that they are on the bank panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a lender or a member of the public that the data about a specific Lincoln firm being on the lender conveyancing panel is not accurate.