What does my ID and proof of funds have anything to do with my conveyancing in Penley? What am I being asked for?
To satisfy the Money Laundering Regulations any Penley conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility account showing where you live.
Under Money Laundering Regulations, conveyancers are obliged by law to investigate not just the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness 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 conveyancers are duty bound to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
Forgive me if this question is silly but I am unexperienced as a 1st time buyer of a two bedroom flat in Penley. Do I pick up the keys to the house on completion from my conveyancer? If so, I will find a High Street conveyancing solicitor in Penley?
On the day of completion you will not be required to go to the conveyancers office in Penley. Your solicitors will arrange to send the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be invited to receive the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
I have paid off my mortgage with Skipton. I assume I don't need a Penley lawyer on the Skipton panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton 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 Skipton mortgage from the register. Skipton, 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 Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
I am due to exchange contracts on my house. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Kent Reliance are being problematic. The Penley solicitor who is on the Kent Reliance conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Kent Reliance are insisting on a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
What will a local search tell me regarding the property we're purchasing in Penley?
Penley conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Searchflow The local search is essential in every Penley conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search should provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
It has been three months since my purchase conveyancing in Penley completed. I have checked the Land Registry website which shows that I paid £200,000 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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Penley is the location of the property. Can you shed any light on this issue?
Flying freeholds in Penley are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Penley you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penley may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.