We opted for a high street lawyer for our conveyancing in Grange Park last week. Going through the terms of engagement I noteI am liable for charges even if our purchase aborts. Should I ditch them and use a web based lawyer promoting no-sale-no-fee conveyancing in Grange Park?
It is usually a trade off in that if "No Completion No Fee" is offered then the conveyancing charges will tend to be be uplifted to cover those cases that abort. Do bear in mind that such schemes generally do not protect you from expenditure e.g. Grange Park conveyancing search expenses.
In what way does my ID and proof of funds have anything to do with my conveyancing in Grange Park? Why is this being asked of me?
Grange Park conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill no older than three months).
Confirmation of the origin of monies is also required in compliance with the money laundering statutes as lawyers have a duty to ensure that the money you are using to purchase a property (whether it be the deposit for exchange or the full purchase amount where you are buying mortgage free) has come from a reputable source (such as an inheritance) and is not the product of criminal activity.
We're in Grange Park, First time buyers purchasing with a mortgage (lender is Co-operative , and our solicitor is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Grange Park differ for new build properties?
Most buyers of new build property in Grange Park contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Grange Park typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Grange Park or who has acted in the same development.
I decided to have a survey carried out on a property in Grange Park prior to instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some banks will refuse to grant a mortgage on such a property.
It varies from the lender to lender. HSBC has different requirements from Nationwide. Should you wish to call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Grange Park. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Grange Park to see if the conveyancing costs will increase in light of this.