My lawyer has discovered a defect with the lease for the property we are buying in Sturminster Newton. The other side have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the lender is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Sturminster Newton? What am I being asked for?
Sturminster Newton conveyancing solicitors and indeed property practitioners throughout the UK have a duty 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 will need to provide two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Evidence of the origin of funds is also necessary in compliance with the money laundering laws as solicitors are required to investigate that the monies you are using to purchase a property (be it the exchange deposit or the full purchase price where you are a cash purchaser) has come from an acceptable source (such as an inheritance) as opposed to the proceeds of illegitimate behaviour.
I require fast conveyancing in Sturminster Newton as I am faced with pressure to complete within 4 weeks. Fortunately I do not need a mortgage. 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 solicitor would recommend that you don't. With lots of history conveyancing in Sturminster Newton the following are instances of issues that can show up and adversely affect future saleability: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Road Schemes,...
Do I need to be concerned about estate agents that I am dealing with are suggesting a web based conveyancing firm as opposed to a High Street Sturminster Newton conveyancing firm?
As is the case with many professional services, often recommendations from relatives can be extremely useful or valuable. Nevertheless there are lots of people with a keen interest in a conveyancing matter; estate agents, mortgage brokers and lenders may recommend lawyers to appoint. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes commercial relationship behind the endorsement. You have the discretion to select your preferred lawyer. Don't forget that many mortgage providers specify a panel list of law firms you are obliged to use for the mortgage related work in your home move.
Is it best to go with a Sturminster Newton conveyancing solicitor based in the area that I am buying? I have an old university friend who can execute the conveyancing however her office is 400kilometers away.
The primary upside of using a high street Sturminster Newton conveyancing practice is that you can pop in to execute documents, deliver your identification documents and pester them if necessary. They will also have local insight which is a plus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and the majority were happy that should outweigh using an unfamiliar Sturminster Newton conveyancing lawyer solely due to them being based in the area.