Willusing a New Invention conveyancing practitioner make my purchase more efficient?
On the whole conveyancing lawyers in your location will enjoy excellent relationships with your local authority, which can assist with your New Invention conveyancing searches that your solicitor will require on your transaction. It can only help if they enjoy existing rapport with the Land Registry in your area New Invention, other lawyers in the location and New Invention Estate Agents.
My son is buying a newly built flat in New Invention with a home loan from Virgin Money. His lawyer 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 form 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 Virgin Money conveyancing panel as a standard part of the process, and to the surveyor 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 Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in New Invention? Is this really necessary?
New Invention conveyancing solicitors and indeed property practitioners throughout the UK have a duty under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill no more than three months).
Proof of source of funds is also required in compliance with the money laundering regulations as lawyers are duty bound to check that the monies you are utilising to acquire a property (be it the exchange deposit or the total purchase monies where you are a cash purchaser) has come from an acceptable source (such as employment savings) and is not the proceeds of illegitimate behaviour.
I had intended to instruct a property lawyer in New Invention for our house move. Our financial adviser has since notified us that our mortgage lenders Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unduly restrictive?
Banks tend to imposes restrictions either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a law practice must not be a sole practitioner. As well as restricting the type of firm, a few banks have limited the number of solicitor practices they allow to represent them. You should note that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there remains differing views concerning the extent of solicitor engagement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near New Invention only perform very few conveyances a year.
Is it necessary to take out insurance to address the risk of chancel repairs when acquiring a house in New Invention?
Unless a prior acquisition of the house completed after 12 October 2013 you could take it that lawyers delivering conveyancing in New Invention to continue to suggest a chancel search and or chancel repair liability insurance.