I can't travel far from South Molton. I would like to know the understand why all South Molton lawyers aren't automatically on all lender panels?
Pre- 2008 most mortgage companies demonstrated an approach to risk which is different than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the lawyers on your panel. As a result, banks have since looked to extract more information from law firms regarding their operations and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of volume of transactions the mortgage companies set.
In what way does my ID and proof of funds have anything to do with my conveyancing in South Molton? Why is this being asked of me?
South Molton conveyancing solicitors and indeed property lawyers accross the UK have an obligation under money laundering regulations to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill less than 3 months old).
Evidence of source of monies is also required under the money laundering laws as solicitors are required to check that the monies you are using to purchase a property (whether it be the deposit for exchange or the total purchase amount if you are a cash purchaser) has originated from legitimate source (such as an inheritance) rather than the product of illegitimate behaviour.
A relative pointed out to me me that in buying a property in South Molton there may be a number of restrictions limiting what one can do in terms of external alterations to a property. Is this right?
We are aware of anumerous of properties in South Molton which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in South Molton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Can I be sure that the South Molton conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in South Molton obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor conducting your conveyancing.
My offer was accepted on a property in South Molton on 13/10/2023, valuation was booked 3 days later, all came back fine. Conveyancer appointed, so all that was missing was my mortgage offer. Having made daily calls to Skipton and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Skipton conveyancing panel. Can the lender hold off the offer?
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 Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am purchasing my first flat in South Molton benefiting from help to buy. The sellers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not disclose to my conveyancer about this extras as it could jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Am in the process of purchasing my first house in South Molton. Conveyancing solicitor has been appointed. The mortgage adviser pointed out that a survey is not necessary as the house is only 17 years old.
At the very least you should have a Home Buyer's Report. Given the property was built more than a decade ago the property will not come with a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report could suffice. They will highlight any obvious problems and suggest further investigation if appropriate. Where there are any indications of problems obtain a full structural survey.