I can't travel far from Waddington. Can you please explain the reason why all Waddington conveyancing practitioners are not on all lender panels?
Before the recession most banks demonstrated an approach to risk which is different from today. The financial regulator in 2010 carried out a thematic review into property fraud which in summary warned lenders: know the conveyancing practitioners on your panel. As a result, banks have since requiredmore data from law firms about their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Many law practices have found themselves excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of amount of transactions the mortgage companies required.
What does my ID and proof of funds have anything to do with my conveyancing in Waddington? What am I being asked for?
Waddington conveyancing solicitors and indeed property lawyers throughout the UK have a duty under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Proof of source of monies is also required in compliance with the money laundering regulations as solicitors are duty bound to check that the funds you are using to buy a property (whether it be the deposit for exchange or the total purchase price where you are buying mortgage free) has come from an acceptable source (such as employment savings) and is not the product of illegitimate behaviour.
Me and my brother own a 4 bedroom Victorian property in Waddington. Conveyancing practitioner represented me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Waddington and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing lawyer who completed the work.
Due to the guidance of my in-laws I had a survey completed on a house in Waddington in advance of appointing conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some banks may not give a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Waddington. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking for a conveyancing lawyer in Waddington for my home move. Is it possible to check a firm’s record with the profession’s regulator?
You can see documented Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find information Pre 2008, or to check a solicitors history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The regulator sometimes monitor call for training reasons.