Me and my partner are about to exchange on the purchase of a house in Cowes but as a consequence of wreckage from some water damage at the property I have was able negotiate compensation from the current proprietors of six thousand pounds taking the form of a deduction in the price. This was going to be addressed as part of amending the contract but Santander will not permit this. Why were they notified?
The conveyancing practitioner being on a Santander approved list is duty bound to disclose to Santander of any amendments to the purchase price. If you prohibit your conveyancing practitioner to notify the price change to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new conveyancer for your conveyancing in Cowes.
In what way does my ID and proof of funds have anything to do with my conveyancing in Cowes? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Cowes conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, conveyancers are duty bound to ascertain not just the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this may lead to your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Cowes so that I can pop in to their offices when needed.
As opposed to twenty years ago, most banks no longer oblige their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to provide identification documents and there are still manifest benefits to using a local ayer, in your situation a conveyancing solicitor in Cowes.
I'm buying a new build house in Cowes with a loan from Accord Mortgages Ltd. The sellers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not reveal to my conveyancer about the extras as it would impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Why can I not complete our conveyancing in Cowes on a bank holiday?
Because on completion the funds will pass between the banks of the purchaser and seller's conveyancing practitioner and currently this can only happen on a business day. So you can't complete on a saturday or sunday either.