I can't travel far from Wadhurst. Is there a reason why all Wadhurst solicitors are not on all bank panels?
Mortgage companies point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lenders to review their conveyancing panels, which triggered a major policy change in the sector. It resulted in banks and building societies culling a number of firms off their panel of approved conveyancing practitioners .
My wife and I are acquiring a brand new duplex in Wadhurst and my lawyer is telling me that she is duty bound to the lender to reveal incentives from the builder. I am under pressure to exchange contracts and I would rather not delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. 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 Wadhurst? Why is this being asked of me?
Wadhurst conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation 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 disclose two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement no more than three months).
Proof of the origin of funds is also required in compliance with the money laundering statutes as solicitors are duty bound to investigate that the money you are utilising to buy a property (whether it be the deposit for exchange or the total purchase amount if you are buying without a mortgage) has come from an acceptable source (such as an inheritance) and is not the product of criminal activity.
Should my lawyer be asking questions regarding flooding as part of the conveyancing in Wadhurst.
Flooding is a growing risk for conveyancers dealing with homes in Wadhurst. Plenty of people will buy a property in Wadhurst, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a number of searches that can be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Wadhurst. The standard completed inquiry forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the owner to determine whether the premises has historically flooded. If the residence has been flooded in past and is not disclosed by the owner, then a purchaser may commence a legal claim for losses as a result of such an inaccurate reply. The buyer’s lawyers will also conduct an enviro report. This will reveal if there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
Due to the guidance of my in-laws I had a survey completed on a property in Wadhurst prior to retaining solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies tend not give a loan on such a premises.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Wadhurst. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wadhurst to see if the conveyancing costs will increase in light of this.