Can you help? My Waltham Abbey solicitor is advising me that she is duty bound toorder Waltham Abbey conveyancing searches asthe firm are on the Nat Westapproved lawyer panel. These Waltham Abbey searches cost a lot of money can this be avoided?
You have limited options available to you. Given that you are taking out a loan with a bank your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Waltham Abbey conveyancing searches.
What does my ID and proof of funds have anything to do with my conveyancing in Waltham Abbey? What am I being asked for?
In order to comply with Money Laundering Regulations any Waltham Abbey conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, property lawyers are obliged by law to validate not simply the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your lawyer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
How can we know in advance if a Waltham Abbey conveyancing solicitor on the Coventry BS panel is any good?
When it comes to conveyancing in Waltham Abbey getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer handling your transaction.
The mortgage over my property is with Kent Reliance for my property in Waltham Abbey. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
You must advise Kent Reliance prior to renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel lawyer.
RBS have agreed my home loan in principle, my offer on a apartment in Waltham Abbey has been agreed to, what are the next steps?
Your estate agent will want to know who your solicitors are (ensure that the property lawyers are on the bank’s approved list). Contact RBS or your financial adviser and complete any outstanding documentation. RBS will sellect a valuer who will get in contact with the estate agent or owners to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. RBS will issue 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 Waltham Abbey.
I'm purchasing my first flat in Waltham Abbey with a loan from Virgin Money. The sellers refused to move on the amount so I negotiated 6k of extras instead. The estate agent advised me not to tell my conveyancer about this side-deal as it may impact my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My 20yr old son is about to join the property ladder, the home loan was agreed last week in principle. After the seller agreed the offer on the apartment we contacted the building society to go forward with his. I was disappointed to discover that mortgage companies do not accept all solicitor, they have to be on a list, is this correct?
Banks normally imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Waltham Abbey conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.