I am only a couple days away from an exchange on a property in Rednal and my parents have transferred the ten percent deposit to my solicitor. I am now informed that as the deposit has not arrived from me my solicitor needs to make a notification to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancing practitioner is obliged to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Rednal? What am I being asked for?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Rednal. Nowadays you will not be able to complete any conveyancing transaction in the absence providing evidence of your identity. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as proof of ID it must be both the paper element as well as the photo card part, one is not sufficient in the absence of the other.
Evidence of the source of monies is necessary under 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 record. Your Rednal conveyancing solicitor will require evidence of proof of funds before they are able to accept any funds from you into their client account and they will also ask further questions concerning the origin of monies.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather use a high street conveyancing solicitor in Rednal?
Do check but the chances are that appoint one of their panel solicitors if you take up the "fee-free" deal. Speak to the lender to determine if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Rednal.
Due to the advice of my in-laws I had a survey completed on a house in Rednal ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies may not give a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different requirements from Halifax. If you call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Rednal. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I better off to choose a Rednal conveyancing lawyer in close proximity to the house I am purchasing? I have an old university friend who can perform the legal work but they are based 300kilometers drive away.
The primary upside of using a local Rednal conveyancing firm is that you can visit the firm to sign paperwork, present your ID and apply pressure on them where appropriate. They will also have local insight which is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were happy that should surpass using an unfamiliar Rednal conveyancing solicitor solely due to them being based in the area.