I am purchasing a property without a mortgage in Hackbridge. I have resided for the last twelve years in Hackbridge. Conveyancing searches are a lot of money. As I have knowledge of the area and road intimately must I have all the conveyancing searches?
If you not getting a mortgage, then almost all of the Hackbridge conveyancing searches are at your discretion. Your solicitor will 'advise', perhaps strongly, that you should have searches carried out, but he is duty bound to do this. Do bear in mind; if you are going to dispose of the house one day, it may be of interest to your prospective purchaser what the searches reveal. There are plenty of instances where premises with functional issues can still reveal unpredicted search results. A good conveyancing solicitor in Hackbridge will provide you some practical advice concerning this.
What does my ID and proof of funds have anything to do with my conveyancing in Hackbridge? What am I being asked for?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Hackbridge. Nowadays you will not be able to proceed with any conveyancing transaction if you have not providing proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a council tax bill. Please note that if you are providing your driving licence as proof of identification it needs to be both the paper element and photo card part, one is not sufficient in the absence of the other.
Verification of the source of money is necessary in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your lawyer will need to have this information on record. Your Hackbridge conveyancing lawyer will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they may also ask further questions concerning the origin of monies.
Please explain the implications if my solicitor is suspended from the Aldermore Conveyancing panel ahead of completing my conveyancing in Hackbridge?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
How does conveyancing in Hackbridge differ for new build properties?
Most buyers of new build residence in Hackbridge come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Hackbridge usually 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 used to new build conveyancing in Hackbridge or who has acted in the same development.
Should I be worried if there is an issue with the searches carried out as part of my conveyancing in Hackbridge?
Ordinarily, most problems arising from Hackbridge conveyancing search results can be handled in advance of completion or indemnity insurance can be put on cover. You should remember that although you are acquiring the property and might be content to accept the search results, your mortgage lender may not, and ultimately have the final decision.