My partner and I are planning to acquire a property in Hammersmith And Fulham and are in fact using a Hammersmith And Fulham conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. The Mortgage Works have this afternoon contacted us to inform me that there is now an issue as our Hammersmith And Fulham solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Hammersmith And Fulham solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I do hope you can help me. My Hammersmith And Fulham solicitor is assuring me that she is duty bound toapply for Hammersmith And Fulham conveyancing searches asthe firm are on the Nat Westsolicitor panel. Do I not have any options here?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Hammersmith And Fulham conveyancing searches.
What does my ID and proof of funds have anything to do with my conveyancing in Hammersmith And Fulham? Is this really warranted?
You are right in these requests have nothing to do with conveyancing in Hammersmith And Fulham. However these days you will not be able to complete any conveyancing transaction without first providing proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a bank statement. Remember if you are providing your driving licence as evidence of ID it needs to be both the paper part and photo card part, one is not sufficient in the absence of the other.
Proof of your source of monies is required under Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancing solicitor will need to retain this information on file. Your Hammersmith And Fulham conveyancing solicitor will need to see evidence of proof of funds prior to accepting any money from you into their client account and they should also ask additional queries concerning the origin of funds.
About to place a bid on a leasehold flat in Hammersmith And Fulham. The property agents advise that it is normal for flats in Hammersmith And Fulham to have less than 75 years remaining. I am expecting a mortgage with Chelsea Building Society. Will the property be mortgageable given that the lease has 72 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 8/11/2024 the requirements read as follows :
I opted to have a survey done on a house in Hammersmith And Fulham in advance of instructing solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies may not issue a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hammersmith And Fulham. Conveyancing will be smoother if you use a solicitor in Hammersmith And Fulham especially if they are accustomed to such properties in Hammersmith And Fulham.