Unfortunately I am unable to travel far from Quedgeley. I would like to know the logic why all Quedgeley property lawyers are not on all mortgage company panels?
Before the recession most banks demonstrated an attitude to risk which is different than today. The financial regulator in 2010 conducted a thematic review into property fraud which concluded: know the conveyancers on your panel. Accordingly, mortgage companies have subsequently looked to extract more data from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have been excluded from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum volume of transactions the lenders required.
What does my ID and proof of funds have anything to do with my conveyancing in Quedgeley? Is this really warranted?
Quedgeley conveyancing solicitors and indeed property lawyers accross the UK have an obligation under money laundering regulations to check the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement less than 3 months old).
Confirmation of source of funds is also necessary in accordance with the money laundering statutes as conveyancers have a duty to ensure that the funds you are using to acquire a property (whether it be the deposit for exchange or the full purchase price where you are buying without a mortgage) has originated from legitimate source (such as an inheritance) and is not the product of illegitimate activity.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to use their panel lawyer as I would prefer to use a Quedgeley based conveyancing firm?
You should check but the chances are that allocate you one of their panel conveyancers if you want the "fee-free" offer. Call the mortgage company to see if they make available a monetary alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Quedgeley.
five months have gone by following my purchase conveyancing in Quedgeley completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Why am I unable to complete my conveyancing in Quedgeley on a bank holiday?
Because on completion the sale price will be transferred electronically between the banks of the purchaser and seller's property lawyer and at present this can only take place on a working day. So you can't complete on a weekend either.