I am nearing exchange of contracts for my home in Wombwell and the estate agent has just e-mailed to say that the purchasers are appointing a new conveyancer. The reason given is that the lender will only engage with solicitors on their approved list. Why would a big named mortgage company only engage with certain lawyers rather the firm that they want to appoint for their conveyancing in Wombwell ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
Please help. My Wombwell lawyer is assuring me that he is legally obliged toapply for Wombwell conveyancing searches resulting from the fact thatthe firm are on the Santanderconveyancing panel. Is my lawyer right?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with a lender your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Wombwell conveyancing searches.
In what way does my ID and proof of funds have anything to do with my conveyancing in Wombwell? Why is this being asked of me?
Wombwell conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty 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 supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Proof of source of monies is also required under the money laundering statutes as lawyers are duty bound to investigate that the money you are utilising to buy a property (be it the exchange deposit or the total purchase monies where you are buying mortgage free) has originated from an acceptable source (such as employment savings) rather than the fruits of illegitimate activity.
Just bought a terraced house in Wombwell , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Wombwell conveyancing solicitor works at snail pace, so I want to be sure that my purchase is recorded.
As far as conveyancing in Wombwell registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can vary subject to who lodges the application, whether there are errors and whether the Land registry have to notify any interested parties. As of today approximately three quarters of such applications are fully dealt with in less than three weeks but occasionally there can be extensive delays. Historically registration occurs after the new owner has moved in to the premises therefore an expedited registration is not typically an essential issue yet where there is a degree of urgency associated with the registration then you or your conveyancer should speak with the land registry and explain the circumstances.
Am I best advised to choose a Wombwell conveyancing lawyer who is local to the property I am hoping to buy? An old friend can perform the legal formalities but they are based over three hundred kilometers drive away.
The benefit of a local Wombwell conveyancing practice is that you can drop in to sign documents, hand in your ID and pester them where appropriate. They will also have local knowledge which is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and on the whole were happy that must surpass using an unknown Wombwell conveyancing lawyer just because they are based in the area.