Am I correct in assuming that the fact that my conveyancer in Taunton is not on my mortgage company's conveyancing panel that there is a problem with the standard of the firm’s work?
That would most likely be an incorrect assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Taunton conveyancing practice and enquire why they are no longer on the approved list for your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Taunton? What am I being asked for?
It is indeed that case that these requests have nothing to do with conveyancing in Taunton. Nowadays you will not be able to complete any conveyancing process without first supplying evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are providing your driving licence as proof of identification it must be both the paper section as well as the photo card part, one is not satisfactory without the other.
Verification of the origin of monies is required in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancing solicitor will need to retain this information on file. Your Taunton conveyancing solicitor will need to see evidence of proof of funds prior to accepting any money from you into their client account and they will also ask further queries concerning the source of funds.
My wife and I are purchasing a property in Taunton. I might seem paranoid but how we can trust a conveyancer? At some point we will need to send our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am buying a end of terrace house in Taunton. Our aim is to carry out an extension to the side at the house.Will legal work on the property involve investigations to determine if these alterations are allowed?
Your property lawyer should review the registered title as conveyancing in Taunton will sometimes identify restrictions in the title deeds which prevent certain works or necessitated the consent of a 3rd party. Certain additions require local authority planning consent and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these things with a surveyor ahead of any purchase.
Santander have agreed my mortgage in principle, my bid on a property in Taunton has been accepted, what are the next steps?
The estate agent will wish to be informed of your conveyancing practitioner's details (ensure that the solicitors are on the bank’s approved list). Contact Santander or your broker and complete any appropriate paperwork. Santander will instruct a valuer who will get in contact with the estate agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Santander will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Taunton.
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in Taunton I like with a park and transport links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Taunton in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
My son is embarking on her first house purchase, the home loan was agreed last week in principle. When the offer was accepted on apartment we rang the mortgage company to progress the mortgage application. We were very surprised to hear that mortgage lenders do not accept all property lawyer, they need to be on their approved list, is this legal?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Taunton lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.