My mortgage broker says he needs my Somerset lawyer’ panel member for the Nat West conveyancing panel. How do I discover this. I have tried my local Somerset office but they have not responded to me.
Have you tried calling your Somerset lawyer about this?. Most Somerset law firms will retain a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each mortgage company.
In what way does my ID and proof of funds have anything to do with my conveyancing in Somerset? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identification documents of the potential client they are dealing with before they can accept their conveyancing instruction. The Terms of Engagement that you are required to sign will no doubt stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you are unwilling to supply ID verification documents, your conveyancer can not take you on as a client.
Please help - my lawyer advises that breach of easement insurance is required on my purchase. What is the level of cover for Somerset conveyancing?
The right level of breach of easement indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and Chelsea Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
I am currently in the process of buying my council flat in Somerset. I have a mortgage offer with Virgin Money. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
I was told three weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Somerset is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am looking for a leasehold apartment up to £245,000 and found one close by in Somerset I like with a park and railway links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Somerset suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Are the Somerset conveyancing lawyers identified as being on the mortgage company conveyancing panel, together with their details provided by the mortgage company?
Somerset firms and firms conducting conveyancing in Somerset themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the mortgage company directly.