Much to our surprise we have been told by our lender that my Woodstock property lawyer is not on the lender Conveyancing panel. What can I do to be sure whether this is correct?
You need to call your Woodstock lawyer directly. It is reasonable to expect your lawyer to inform you of the situation. If they are not on the panel they may recommend you to a Woodstock conveyancing firm that is on the approved list of lawyers for your bank.
Our Woodstock lawyer has discovered a discrepancy between the surveyor’s assumptions in the home valuation survey and what is revealed within the conveyancing documents. My solicitor says that he needs to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s stance correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
What does my ID and proof of funds have anything to do with my conveyancing in Woodstock? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Woodstock. However these days you can not complete any conveyancing transaction in the absence submitting proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a bank statement. Remember if you are providing your driving licence as evidence of ID it must be both the paper part as well as the photo card part, one is not acceptable without the other.
Proof of your source of funds is necessary under Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancer will need to retain this information on file. Your Woodstock conveyancing lawyer will require evidence of proof of funds before they are able to accept any funds from you into their client account and they should also ask additional questions regarding the origin of funds.
How does conveyancing in Woodstock differ for newly converted properties?
Most buyers of new build or newly converted property in Woodstock come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Woodstock typically buy the real estate, 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 used to new build conveyancing in Woodstock or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Woodstock is where the house is located. Is there any guidance you can give?
Flying freeholds in Woodstock are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Woodstock you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Woodstock may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.