We are planning to buy a 3 bedroom apartment in Southampton with a mortgage. We like our Southampton lawyer, but the bank says she’s not on their "panel". We have to appoint one of the lender panel conveyancing practices or keep our Southampton conveyancer as well as pay for one of their panel firms to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Southampton conveyancing solicitor to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Southampton? Why is this being asked of me?
Southampton conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Proof of the origin of funds is also necessary in accordance with the money laundering regulations as lawyers have a duty to ensure that the money you are utilising to purchase a property (be it the exchange deposit or the full purchase price where you are a cash purchaser) has originated from a reputable source (such as employment savings) rather than the fruits of criminal activity.
My mortgage company has suggested a law firm on their panel based in Southampton but I would rather instruct a conveyancing lawyer in Southampton round the corner to me. Can you assist?
It is by no means the case that all Southampton conveyancing firms are listed all lender’s conveyancing panel. Do make the most of our find an approved solicitor tool to find a Southampton conveyancing firm on the on the bank panel.
Various web forums that I have come across warn that are a common cause of obstruction in Southampton house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Southampton.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Southampton?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Southampton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the input of my in-laws I had a survey completed on a house in Southampton before appointing lawyers. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies tend not give a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Southampton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Southampton to see if the conveyancing costs will increase in light of this.