The property market in Ilkeston is heating up. What can I do to speed up the conveyancing process?

In a situation where the seller is applying pressure to sign contracts it is highly recommended that your solicitor is familiar with the location as they will have local relationships and knowledge. It is possible that they would have transacted previoushomes in the same neighbourhood. Therefore consider using a Ilkeston conveyancing firm. Second, be sure that the lawyer is on the on the approved list for your mortgage company. It is estimated that just under twenty per cent of Ilkeston conveyancing deals are delayed or jeopardised after discovering a purchaser’s lawyer was not on their banks panel. This can often result in the transaction being delayed by almost 21 days. It is said that this issue impacts approximately one hundred thousand home moves annually. Almost all Ilkeston conveyancing firms can not represent certain banks so do check at the outset.

What does my ID and proof of funds have anything to do with my conveyancing in Ilkeston? Why is this being asked of me?

In order to comply with Money Laundering Regulations any Ilkeston conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.

Under Money Laundering Regulations, property lawyers are duty bound to validate not only 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 terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your property lawyers are duty bound to notify the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.

I have todaydiscovered that Action Conveyancing have closed. They carried out my conveyancing in Ilkeston for a purchase of a freehold house 12 months ago. How can I establish that my home is in my name in the name of the previous owner?

The quickest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ilkeston conveyancing specialists.

How does conveyancing in Ilkeston differ for new build properties?

Most buyers of new build or newly converted property in Ilkeston contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Ilkeston tend to buy the site, 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 conveyancing solicitors 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 Ilkeston or who has acted in the same development.

I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, chain free conveyancing. Ilkeston is where the house is located. Can you shed any light on this issue?

Flying freeholds in Ilkeston are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ilkeston you would need to get your solicitor to go 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 Ilkeston may determine 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 residence.