The property market in Weymouth is heating up. What can I do to quicken up the legal process?
Where the seller is applying pressure for your conveyancing it is advisable to make sure that your conveyancer is familiar with the location as they will make use of local connections and insight. It is possible that they could have transacted otherproperties in the same neighbourhood. Therefore consider using a Weymouth conveyancing firm. Second, ensure that the conveyancing firm is on the lender panel. It is estimated that 18% of Weymouth conveyancing deals are suspended or jeopardised after discovering a purchaser’s conveyancer was not on their banks list of approved solicitors. This can often result in the buying process being frustrated by as much as 21 days. It is understood that this issue impacts approximately 100,000 home moves annually. Many Weymouth conveyancing firms can not act for certain banks so do check as early as possible.
What does my ID and proof of funds have anything to do with my conveyancing in Weymouth? What am I being asked for?
To satisfy the Money Laundering Regulations any Weymouth conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility account showing where you live.
In accordance with Money Laundering Regulations, conveyancers are obliged by law to investigate not only the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
Due to the guidance of my in-laws I had a survey completed on a house in Weymouth in advance of instructing lawyers. I have been informed that there is a flying freehold element to the property. My surveyor advised that some lenders may refuse to issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you contact us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Weymouth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Weymouth to see if the conveyancing costs will increase in light of this.