My husband and I are buying a brand new duplex in St Andrews and my conveyancer is informing me that she has to the bank to disclose incentives from the developer. The Estate Agents are hassling me to exchange and I don't want to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
In what way does my ID and proof of funds have anything to do with my conveyancing in St Andrews? Is this really necessary?
In order to comply with Money Laundering Regulations any St Andrews conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to check not just the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will lead to your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
I'm spending time looking at apartments in St Andrews and I am now considering a potential offer. Should I already have a solicitor in place at this stage? I intend to finance via a home loan with Nationwide.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are seeking a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
After much negotiation I have agreed a price on a house in St Andrews. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. A few days later, the conveyancer contacted me embarrassingly acknowledging that they were not on the Clydesdale conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Clydesdale panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told four weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in St Andrews is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in St Andrews I like with amenity areas and station in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in St Andrews in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
We are looking to buy a repression property in St Andrews and the bank selling would like to complete within a week. Do lawyers complete in this timeframe? Would it be better to instruct a high street St Andrews firm or an online organisation that professes to complete quickly?
Attend your St Andrews shopping parade. Pop in to 3 firms and ask to see a conveyancing solicitor for an estimate. Set out your situation and get a commitment on time frames. Select the one that comes across as most trustworthy. Be sure to use a conveyancer on the panel of solicitors who can act for your lender.