In what way does my ID and proof of funds have anything to do with my conveyancing in Banstead? Is this really necessary?
Banstead conveyancing solicitors and indeed property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Evidence of the origin of monies is also required in accordance with the money laundering statutes as solicitors are obliged to ensure that the monies you are using to buy a property (be it the exchange deposit or the total purchase price where you are a cash purchaser) has come from an acceptable source (such as employment savings) and is not the proceeds of criminal activity.
I am helping my step-mother sell her flat in Banstead. Does the conveyancing solicitor commission an energy performance certificate or it is for the owner to coordinate?
Following the abolition of Home Information Packs, energy assessments was left as a compulsory part of moving house. An energy assessment needs to be to hand prior to the property being advertised. This is not a task that solicitors ordinarily arrange. Where you are instructing a Banstead conveyancing solicitor they may help arrange EPC’s given their contacts with long established local providers
We have agreed to purchase a house in Banstead. A rare aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Leeds Building Society your lawyer must comply with the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook contains minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to Leeds Building Society where a lease does not meet these provisions. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Banstead.
I have paid off my mortgage with Santander. I assume I don't need a Banstead property lawyer on the Santander panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
Various web forums that I have come across warn that are a common reason for stalling in Banstead house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Banstead.
four months have gone by since my purchase conveyancing in Banstead took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Our conveyancer in Banstead has discovered a a legal deficiency with the lease for the apartment we are buying in Banstead. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.