Unfortunately I am unable to travel far from Mitcheldean. Is there a reason why all Mitcheldean property lawyers aren't included on all mortgage company panels?
A decade ago most banks demonstrated an attitude to risk which differs from the current day. The financial regulator in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the conveyancing practitioners on your panel. As a result, banks have since looked to extract more data from law firms concerning their processes and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Hundreds of law practices have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum volume of transactions the lenders set.
My husband and I swapping mortgage lender for our flat in Mitcheldean with TSB. We have a son 19 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two concerns (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your TSB conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to TSB. This is solely used to protect TSB if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of TSB had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
In what way does my ID and proof of funds have anything to do with my conveyancing in Mitcheldean? What am I being asked for?
To satisfy the Money Laundering Regulations any Mitcheldean 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 bill evidencing your correct address.
Under Money Laundering Regulations, property lawyers are duty bound to ascertain not simply the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will lead to your solicitor terminating their retainer 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 relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
Me and my brother purchased a renovated Edwardian house in Mitcheldean. Conveyancing lawyer acted for me and Barclays Direct. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Mitcheldean and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing solicitor who conducted the purchase.
In my capacity as executor for the will of my uncle I am selling a residence in Cardiff but live in Mitcheldean. My solicitor (approximately 235 miles awayhas requested that I sign a statutory declaration prior to the transaction finalising. Can you recommend a conveyancing solicitor in Mitcheldean who can attest and place their company stamp on the document?
Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will be fine regardless of whether they are located in Mitcheldean