In what way does my ID and proof of funds have anything to do with my conveyancing in Stocksfield? Is this really necessary?
To satisfy the Money Laundering Regulations any Stocksfield conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing where you reside.
Under Money Laundering Regulations, property lawyers are obliged by law to check not only the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to notify the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I'm purchasing a new build house in Stocksfield benefiting from help to buy. The developers would not reduce the amount so I negotiated 6k of additionals instead. The sale representative advised me not to tell my solicitor about this deal as it could put at risk my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the advice of my in-laws I had a survey completed on a house in Stocksfield ahead of retaining lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some lenders will refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Stocksfield. Conveyancing will be smoother if you use a solicitor in Stocksfield especially if they are familiar with such properties in Stocksfield.
Am I right to be suspicious that third parties that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local Stocksfield conveyancing practice?
As is the case with lots of service providers, often referrals from connections can be extremely useful or valuable. But there are numerous people with a keen interest in a conveyancing deal; estate agents, financial adviser and banks might all recommend solicitors to appoint. Sometimes these lawyers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You are free to select your preferred lawyer. However, bear in mind that the majority of mortgage providers specify a panel list of conveyancers you have to use for the lender aspect of your house move.
Why can I not complete my conveyancing in Stocksfield on Easter Monday?
This is due to the fact that on completion the money will be transferred electronically between the banks of the buyer and seller's property lawyer and at present this can only occur on a working day. So you can't complete on a saturday or sunday either.