I am getting a offer of a home loan from Lloyds. I hope to retain the legal services of a Licensed Conveyancer in Lymm. Does the Lloyds Conveyancing panel exclude conveyancers regulated by the CLC?
The Lloyds conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
In what way does my ID and proof of funds have anything to do with my conveyancing in Lymm? Is this really warranted?
You are right in these requests have nothing to do with conveyancing in Lymm. Nowadays you can not complete any conveyancing process if you have not providing evidence of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Remember if you are providing your driving licence as evidence of ID it must be both the paper element and photo card part, one is not satisfactory without the other.
Verification of the origin of funds is required in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor will need to retain this information on file. Your Lymm conveyancing lawyer will require evidence of proof of funds prior to accepting any money from you into their client account and they may also ask further queries concerning the source of monies.
We previously selected conveyancing lawyers locally in Lymm on the Bank of Ireland solicitor approved list. They have just billed me a separate fee for the legal aspects of the Bank of Ireland mortgage. Is this an additional conveyancing fee set by Bank of Ireland?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your lawyer can levy a fee for this. This fee is not dictated by Bank of Ireland but by your Lymm lawyer. Plenty of firms on the Bank of Ireland panel will quote an ‘acting for lender’ fee and others do not.
I have paid off my mortgage with Bank of Ireland. I assume I don't need a Lymm property lawyer on the Bank of Ireland panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
About to purchase flat in Lymm. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Barclays conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lymm conveyancing practitioner is on the Barclays conveyancing panel.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a simple, no chain conveyancing. Lymm is where the house is located. Is there any guidance you can give?
Flying freeholds in Lymm are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lymm you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lymm 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 property.
Please set examples of specific advantages to instructing a high street property lawyer in Lymm
A significant proportion of house movers in Lymm choose a nearby high street property lawyer so that they can attend the firm’s offices just in case they have questions, and to collect mortgage deeds without using the post.
There is a marginal benefit in using a conveyancing practitioner local to a property you are hoping to purchase, due to the in-depth knowledge of the region and possible local issues - however this is debatable. Many conveyancers are now via the internet and may be practically anywhere.