I am nearing exchange of contracts for my apartment in Chesterfield and the estate agent has just e-mailed to warn that the purchasers are changing their conveyancer. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. On what basis would a leading mortgage company only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Chesterfield ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Chesterfield? What am I being asked for?
Chesterfield conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under money laundering regulations to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill no more than three months).
Proof of the origin of funds is also required in accordance with the money laundering laws as solicitors are obliged to investigate that the monies you are utilising to acquire a property (be it the exchange deposit or the full purchase amount where you are buying without a mortgage) has come from an acceptable source (such as employment savings) as opposed to the product of criminal activity.
Last month we had a mortgage agreed in principle with Coventry BS. Chesterfield conveyancing lawyers are appointed. What is the average time that one could expect to receive a mortgage offer from Coventry BS?
There is no definitive answer here. Have Coventry BS conducted the survey? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Chesterfield bank branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Chesterfield conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
The conveyancing practitioner has to follow the CML Handbook section two provisions for your 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my house. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Nationwide are being a right pain. The Chesterfield solicitor who is on the Nationwide conveyancing panel is recommending indemnity insurance as a solution but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Should commercial conveyancing searches reveal planned roadworks that could impact a commercial premises in Chesterfield?
Its becoming the norm that commercial conveyancing solicitors in Chesterfield will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Chesterfield. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Chesterfield.
For every commercial conveyancing transaction in Chesterfield it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Chesterfield commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for residential conveyancing in Chesterfield.
As co-executor for the will of my grandmother I am selling a house in Swansea but reside in Chesterfield. My lawyer (who is 300 miles awayneeds me to execute a stat dec ahead of completion. Can you recommend a conveyancing practitioner in Chesterfield who can attest this legal document for me?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will be fine regardless of whether they are Chesterfield based