What does my ID and proof of funds have anything to do with my conveyancing in West Beckton? What am I being asked for?
It is indeed that case that these requests have nothing to do with conveyancing in West Beckton. However these days you will not be able to proceed with any conveyancing deal without first providing evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are providing your driving licence as proof of ID it must be both the paper element and photo card part, one is not satisfactory without the other.
Proof of your source of funds is mandated in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer must retain this information on file. Your West Beckton conveyancing lawyer will require evidence of proof of funds before they are able to accept any funds from you into their client account and they will also ask additional questions regarding the source of monies.
The mortgage over my property is with Co-operative for my property in West Beckton. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
Your original mortgage agreement with Co-operative will provide that you need their approval prior to renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. You need not do this via a Co-operative conveyancing panel firm.
I had an offer accepted on a house in West Beckton on 2/10/2024, valuation was booked 3 days later, all came back fine. Conveyancer retained, so all that was missing was my mortgage offer. Having made daily calls to Principality and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Principality conveyancing panel. Are Principality entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have finally had an offer on a flat in West Beckton agreed to, but there is a chain. The vendors have put an offer on a property, however it’s not yet tied up, and are looking at other apartments booked. I have chosen a high street conveyancing solicitor in West Beckton. What do I do now? When should I get the mortgage application with Virgin Money going?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of one thousand pounds, then survey, West Beckton conveyancing search charges, etc). The first course of action is to ensure that your conveyancing practitioner is on the Virgin Money approved list. As to the next steps this very much depends on the uniqueness of your transaction, attraction to this property and on the state of the market. In a hot market many buyers would apply for a home loan with Virgin Money and pay for the valuation and only if it was satisfactory would they ask their lawyer to press on with searches.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The lawyers who conducted the conveyancing in West Beckton 5 years ago no longer exist. What do I do?
Gone are the days when you need to hold title deeds to evidence that you own the land or property, given that the Land Registry have everything they need in a digital format.
How does conveyancing in West Beckton differ for new build properties?
Most buyers of new build premises in West Beckton come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because developers in West Beckton usually purchase the real estate, 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 property lawyers 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 West Beckton or who has acted in the same development.
I was advised by a couple of local property agents in West Beckton to locate a conveyancer on your site. What’s the financial advantage for Estate Agents to offer your lawyers over another?
We don’t give any commission for directing people in our direction. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.