My partner and I are hoping to acquire a flat in Hale End and are in fact using a Hale End conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Nottingham Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Hale End lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Hale End lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My partner and I are nearing an exchange on a flat in Hale End and my mum and dad have transferred the 10% deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The lawyer is duty bound to check with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, no chain conveyancing. Hale End is where the house is located. Can you offer any advice?
Flying freeholds in Hale End are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hale End you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hale End may decide 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.
I was recommended by a few estate agents in Hale End to choose a solicitor on your site. What’s the financial inducement for Estate Agents to recommend your services ahead of a competitor’s?
We don’t make any financial incentive for directing people our way. We thought it would be too underhand to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
My conveyancing solicitor in Hale End is asking me for personal identification documents asserting that this forms part of his legal duty as a conveyancer on the lender Conveyancing panel. Can you confirm whether this is the case?
Anti-terror and anti-money-laundering rules require Hale End conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that the bank also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the lender's UK Finance Lenders’ Handbook requirements