I am only a couple days away from an exchange on a flat in Stockton on Tees and my parents have sent the 10% deposit to my conveyancer. I am now told that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The property lawyer is duty bound to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
What does my ID and proof of funds have anything to do with my conveyancing in Stockton on Tees? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Stockton on Tees conveyancing firm will require proof of identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility account evidencing where you live.
Under Money Laundering Regulations, property lawyers are required to validate not simply the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this may result in your lawyer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
The deeds to my house are lost. The lawyers who conducted the conveyancing in Stockton on Tees 5 years ago no longer exist. What do I do?
You no longer need to hold title original deeds to prove you are the registered proprietor of land or property, given that the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Stockton on Tees differ for newly converted properties?
Most buyers of new build property in Stockton on Tees approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is finished. This is because developers in Stockton on Tees usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stockton on Tees or who has acted in the same development.
When it comes to my conveyancing in Stockton on Tees should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Stockton on Tees conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.