Much to our surprise we have been advised by our mortgage broker that my Chelsea lawyer is not on the lender Solicitor panel. What can I do to be sure whether this is correct?
You need to contact your Chelsea conveyancer. You lawyer should advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
The Chelsea conveyancing firm handling our Chelsea conveyancing has identified a discrepancy between the surveyor’s assumptions in the home valuation report and what is in the title deeds. My lawyer says that he is duty bound to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
What does my ID and proof of funds have anything to do with my conveyancing in Chelsea? Is this really necessary?
In order to comply with Money Laundering Regulations any Chelsea conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, property lawyers are required to check not only the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your lawyer cancelling 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 make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
What can a local search reveal about the property my wife and I purchasing in Chelsea?
Chelsea conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance Xpress Legal The local search plays an important role in many a Chelsea conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
Due to the guidance of my in-laws I had a survey completed on a property in Chelsea in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some lenders tend not grant a loan on this type of home.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Chelsea. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chelsea to see if the conveyancing costs will increase in light of this.