What does my ID and proof of funds have anything to do with my conveyancing in Waltham Abbey? What am I being asked for?
Waltham Abbey conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under money laundering regulations to check the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Confirmation of the origin of monies is also required under the money laundering regulations as lawyers are mandated to check that the monies you are using to buy a property (be it the exchange deposit or the total purchase amount where you are a cash purchaser) has originated from a reputable source (such as an inheritance) and is not the product of illegitimate activity.
Will my lawyer be raising questions regarding flooding during the conveyancing in Waltham Abbey.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Waltham Abbey. Some people will buy a house in Waltham Abbey, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a various checks that may be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Waltham Abbey. The standard completed inquiry forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to discover whether the property has suffered from flooding. In the event that the premises has been flooded in past which is not disclosed by the vendor, then a buyer may bring a claim for damages stemming from an incorrect response. A buyer’s solicitors will also order an enviro report. This should disclose whether there is a recorded flood risk. If so, more detailed inquiries will need to be made.
How does conveyancing in Waltham Abbey differ for newly converted properties?
Most buyers of new build premises in Waltham Abbey contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Waltham Abbey typically purchase the land, 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 property lawyers 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 accustomed to new build conveyancing in Waltham Abbey or who has acted in the same development.
My cousin has urged me to appoint his lawyers for conveyancing in Waltham Abbey. Do I take his guidance?
No doubt the best way to select a conveyancing solicitor is to have feedback from friends or family who have actually used the conveyancer that you are contemplating using.
I'm buying a apartment in Waltham Abbey. I can find my conveyancer's company on the CLC list, but I can't find my conveyancer's name on the list. Is this a big problem?
Not every individual in the company must be listed by the regulator. As long there is a manager qualified to 'oversee' the transaction, the actual day-to-day activity can be conducted by unqualified staff.