What does my ID and proof of funds have anything to do with my conveyancing in Thornaby? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Thornaby conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
Under Money Laundering Regulations, property lawyers are obliged by law to ascertain not simply the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this will result in your solicitor terminating their retainer 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 notify the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Can you point me to a directory of Santander panel solicitors in Thornaby on the Council of Mortgage Lender’s Website?
No. There is no such facility on the CML or Building Society Association sites. Very few lending institutions make their panel listings visible over the internet. Where you are seeking to appoint a Thornaby solicitor on the Santander please make the most of our facility.
It is not clear whether my lender requires a lease extension. I have called my Thornaby bank branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Thornaby conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the mortgage company panel, she or he must follow the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
UBS have agreed my mortgage in principle, my offer on a property in Thornaby has been agreed to, what happens next?
Your estate agent will want to know who your solicitors are (make sure the property lawyers are on the bank’s panel). Telephone UBS or the financial adviser and finish off any relevant documentation. UBS will sellect a valuer who will get in contact with the estate agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes approximately ten days to get a mortgage offer. UBS will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Thornaby.
I acquired my house on 14 June and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Thornaby said it will be concluded in less than a month. Are transfers in Thornaby particularly slow to register?
As far as conveyancing in Thornaby is concerned, registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether there are errors and if the Land registry must send notices to any 3rd persons or bodies. As of today roughly three quarters of submission are completed in less than three weeks but occasionally there can be extensive hold-ups. Historically registration is effected once the buyer is living at the property thus an expedited registration is not typically an essential issue yet if it is urgent that the the registration takes place urgently then you or your lawyers must speak with the land registry and explain the circumstances.
I have been on the look out for a flat up to £305k and identified one near me in Thornaby I like with amenity areas and transport links in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Thornaby for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I'm converting the mortgage on my primary house to a buy to let loan with Nottingham Building Society and intend to use the remaining equity as a down payment on further property. The location we are looking at is Thornaby. Will your lawyers be able to act for the two lenders and tie in the conveyances?
Do use our search tool on this page to check that the solicitors are approved by both banks. Assuming that they are the solicitor should be able to connect the two conveyancing matters but you should have a chat with you solicitor and make apparent your expectations and needs.