Me and my partner are purchasing a 3 bedroom flat in Milton Keynes Village with a mortgage. We wish to retain our Milton Keynes Village conveyancer, but the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel solicitors or keep our Milton Keynes Village and pay for one of their panel ones to act for them. This seems very unfair; are we not able to demand that the mortgage company use our Milton Keynes Village ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Milton Keynes Village conveyancing solicitor to apply to be on the conveyancing panel.
Our son is buying a newly built flat in Milton Keynes Village with a home loan from . His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in Milton Keynes Village? Is this really warranted?
In order to comply with Money Laundering Regulations any Milton Keynes Village conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to check not only the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this may result in your solicitor cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
My uncle passed away last year and as sole heir and executor I was left the property in Milton Keynes Village. The house had a relatively small loan remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to , pay off the mortgage. Is this allowed?
Where you intend to refinance then will insist on your using a conveyancer on the conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the mortgage is registered as a charge at the Land Registry.
My dad purchased his flat in Milton Keynes Village ten years ago. He has been married, widowed and in recent months got married again. He now intends to dispose of the Milton Keynes Village property. I believe he will just be asked to supply copies of his marriage certificates to the but he is worried it could delay the conveyancing. Is it worth updating the Land Registry information for the property?
You are not required to update the title for the property on the basis that you have the proof needed to demonstrate how the change of name has come about.
The buyer’s will examine the registered entries and require evidence to establish the change of name for example marriage documentation.