What does my ID and proof of funds have anything to do with my conveyancing in Millom? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Millom conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility account showing where you reside.
Under Money Laundering Regulations, conveyancing solicitors are required to check not only the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this may lead to your conveyancer ending 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 believe that any monies received by them may contravene the Money Laundering Regulations.
Me and my partner are purchasing a flat in Millom. It might be a silly question but how we can trust a solicitor? At some point we have to put money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Should my conveyancer be raising enquiries concerning flooding during the conveyancing in Millom.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Millom. Plenty of people will purchase a property in Millom, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a various searches that can be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Millom. The standard property information forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to discover whether the premises has historically flooded. In the event that flooding has previously occurred and is not disclosed by the owner, then a buyer could bring a compensation claim stemming from an inaccurate response. The buyer’s lawyers may also commission an enviro report. This will indicate if there is any known flood risk. If so, additional inquiries should be made.