I am not in a position to travel far from Winterbourne. Can you please explain the reason why all Winterbourne lawyers aren't automatically on all bank panels?
Even though it may seem unfair for lenders to limit who can act for them, from the public’s or conveyancer’s point of view, the flip side is that lenders are increasingly anxious and consider it essential to protect them against mortgage fraud. As a result of this concern lenders have restricted their conveyancing panel to a size that they are happy to control.
AssumingI were to buy a simple residential housein Winterbourne for cash and have no survey and no conveyancing searches how much should I expect to have to pay for conveyancing in Winterbourne?
The sole reduction in fees you would achieve is the costs for searches. A property lawyer is obliged to do the vast majority of work - money laundering, correspond with your vendors lawyer, stamp duty submission, register the property etc. A slight saving might be made by not having to register a charge however it will not be a lot.
In what way does my ID and proof of funds have anything to do with my conveyancing in Winterbourne? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Winterbourne. However these days you will not be able to complete any conveyancing deal if you have not submitting evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a bank statement. Remember if you are supplying your driving licence as proof of ID it needs to be both the paper part and photo card part, one is not sufficient without the other.
Verification of the origin of money is required in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancing solicitor will need to have this information on file. Your Winterbourne conveyancing practitioner will require evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask additional queries concerning the source of funds.
Are the BSA intent on creating a search tool with a view to list solicitors on the Melton Mowbray Building Society conveyancing panel for instance in Winterbourne?
Lexsure has not been advised of any intention on the part of the BSA to develop such a register.
I'm the single beneficiary of my late father’s will with all property in now in my sole name, including the house in Winterbourne. The Winterbourne property was put into my name in December. I want to move. I do know about the CML 6 month 'rule', meaning my property ownership will be regarded the same way as if I'd bought the property in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How sensible a view banks take of it, depend on the bank as this requirement primarily exists to pick up on subsales or the quick reselling of properties.
When it comes to lenders such as Aldermore, do Winterbourne conveyancing practitioners face a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I have today made my last payment due on my mortgage with Kent Reliance. I assume I don't need a Winterbourne conveyancer on the Kent Reliance panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Kent Reliance mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Kent Reliance mortgage from the register. Kent Reliance, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Kent Reliance has sent the Land Registry the discharge electronically, and
- Kent Reliance has instructed the Land Registry to do so