My wife and I are approaching an exchange on a flat in Cheetham and my mum and dad have transferred the exchange deposit to my conveyancer. I am now advised that as the deposit has not arrived from me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancing practitioner is legally required to clarify with mortgage company to ensure that they know that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
The Cheetham conveyancing lawyers that I recently instructed on my house acquisition in Cheetham have suddenly closed. I only went with them because I needed a solicitor on the Nottingham conveyancing panel and my preferred Cheetham lawyer was not. I paid them £170 on account. What should be my next steps?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
Forgive me if this question is silly but I am unexperienced as FTB of a garden flat in Cheetham. Do I collect the keys to the premises on the completion date from my lawyer? If so, I will use a local conveyancing solicitor in Cheetham?
On the day of completion you will not be required to attend the conveyancers office in Cheetham. Conveyancing lawyers for you will transfer the purchase money to the owner’s conveyancers, and once they have received this, you will be called to collect the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
is it true that all Cheetham solicitors on the Aldermore conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Aldermore conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some banks do allow licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
It is not clear whether my bank requires a lease extension. I have called into my local Cheetham building society branch on numerous occasions and was reassured it wasn't an issue and they would lend. My Cheetham conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. I simply don't know who is right.
Provided that the solicitor is on the bank approved list, she or he must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should our conveyancer be making enquiries about flooding during the conveyancing in Cheetham.
Flooding is a growing risk for lawyers dealing with homes in Cheetham. Some people will buy a house in Cheetham, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or by their lawyers which will figure out the risks in Cheetham. The conventional set of information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the vendor to find out whether the property has ever been flooded. If the premises has been flooded in past which is not disclosed by the seller, then a purchaser could commence a legal claim for losses resulting from an incorrect reply. The buyer’s solicitors should also commission an enviro report. This should disclose if there is a recorded flood risk. If so, additional investigations will need to be conducted.
Much to my surprise my lawyer in Cheetham has informed me that he requires personal identification documents saying that this is part of his requirements as a conveyancer on the mortgage company Conveyancing panel. Is this right?
Anti-terror and anti-money-laundering rules require Cheetham 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 mortgage company 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 mortgage company's UK Finance Lenders’ Handbook requirements