My wife and I are planning to acquire a property in Rustington and have instructed a Rustington conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Scotland have this afternoon contacted us to advise us that there is now an issue as our Rustington solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Rustington solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Rustington? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Rustington conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancers are required to ascertain not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will result in your solicitor cancelling 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 appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I am looking to buy a house and need a conveyancing solicitor in Rustington who is on the Barclays Direct solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barclays Direct in certain locations such as Rustington. We dont recommend any particular firm.
I need some expedited conveyancing in Rustington as I am faced with an ultimatum to complete in less than one month. A mortgage is not required. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are are a cash purchaser you have the choice not to do searches although no conveyancer would suggest that you don't. Drawing on years of experience of conveyancing in Rustington the following are instances of issues that can appear and therefore impact market value: Enforcement Notices, Outstanding Fees, Outstanding Grants, Railway Schemes,...
Are there restrictive covenants that are commonly picked up during conveyancing in Rustington?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Rustington. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’