In what way does my ID and proof of funds have anything to do with my conveyancing in Manselton? What am I being asked for?
To satisfy the Money Laundering Regulations any Manselton 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 account showing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are obliged by law to ascertain not only the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this will result in your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
We wanted to use a conveyancing solicitor in Manselton for our house purchase. Our financial adviser has since notified us that our mortgage lenders Nationwide Building Society won't deal with them. Surely this is unduly restrictive?
Banks tend to imposes restrictions either the category or the number of conveyancing practices on their member panel. Typical examples of such restriction(s) being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, some have reduced the amount of firms they allow to act for them. Be aware that Nationwide Building Society have no responsibility for the quality of advice provided by any member of Nationwide Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there remains differing views concerning the level of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that hundreds of law firms, including some in or near Manselton only carry out one or two conveyances a year.
I'm buying my first flat in Manselton benefiting from help to buy. The builders would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not reveal to my conveyancer about this deal as it may affect my mortgage 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.
Taking into account that I am about to spend £400,000 on a property in Manselton I wish to have a conversation with the conveyancer concerning thehouse move before giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - we would be happy to talk to you we do not take any clients on without you first talking to the solicitor who will be conducting your conveyancing in Manselton.There is no ‘factory style conveyancing’ - every client is unique person, not a matter reference. The solicitors that we put you in touch with believe that the figure you are quoted for residential conveyancing in Manselton should be the amount on the final invoice that you are charged.
I am short of a 10% deposit on my flat purchase in Manselton , but I am anxious proceed. What can I do?
One option is to try and accept a lesser deposit. Most vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second