What does my ID and proof of funds have anything to do with my conveyancing in Wolverley? What am I being asked for?

Wolverley conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to satisfy themselves that clients are who they say they are.

Conveyancing clients will need to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).

Proof of source of funds is also required under the money laundering laws as solicitors are mandated to ensure that the funds you are utilising to acquire a property (whether it be the deposit for exchange or the full purchase price where you are a cash purchaser) has originated from legitimate source (such as an inheritance) and is not the fruits of illegitimate behaviour.

Various web forums that I have visited warn that are a common cause of obstruction in Wolverley house deals. Is that correct?

The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Wolverley.

I'm purchasing my first flat in Wolverley with a mortgage from The Mortgage Works. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not disclose to my solicitor about this extras as it will put at risk my loan with the bank. Do I keep my lawyer in the dark?.

All lenders require a Disclosure of Incentives Form from the builder 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.

I am using a search engine for the phrase cheap conveyancing in Wolverley it reveals many property lawyersin the area. With so much choice what is the best way to find the suitable solicitor for the sale of my house?

The best method of seeking a suitable conveyancer is through a personal recommendation, so ask friends and relatives who have purchased a property in Wolverley or a respected estate agent or mortgage broker. Costs for conveyancing in Wolverley differ, so it's sensible to secure a minimum of four fee estimates from varying types of companies. Make sure that you clarify that the fees are fixed.

Why do Wolverley conveyancing costs differ for leasehold and freehold properties?

When buying a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control