Our Lake District solicitor has spotted a difference between the information in the valuation report and what is revealed within the legal papers for the property. My solicitor informs me that he is obliged to check that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Lake District? Why is this being asked of me?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Lake District. Nowadays you can not complete any conveyancing process if you have not handing over 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 evidence of identification it must be both the paper section and photo card part, one is not acceptable without the other.
Proof of the source of money is necessary under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancing solicitor must retain this information on file. Your Lake District conveyancing solicitor will need to see evidence of proof of funds before they are able to accept any funds from you into their client account and they may also ask further queries regarding the source of funds.
We are selling our house in Lake District and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any local lawyer would know this is not the case. For the life of me I don't know why the buyers are using a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Lake District. Having lived in Lake District for three years we know that this is a non issue. Should we contact our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
How does conveyancing in Lake District differ for newly converted properties?
Most buyers of new build premises in Lake District come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Lake District tend to acquire the site, 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 Lake District or who has acted in the same development.
I decided to have a survey carried out on a house in Lake District in advance of instructing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some lenders may refuse to give a mortgage on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to telephone us we can check via 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 Lake District. Conveyancing will be smoother if you use a solicitor in Lake District especially if they are familiar with such properties in Lake District.
We have just had a bid accepted on our first house in Lake District, and are now looking to get solicitors instructed. I have used the various comparison tools and the quotes are from all across the country. Is it necessary to have a Lake District lawyer local to the potential house? I am fine to do all the communicating electronically, but I assume at some stage we may need to visit the conveyancer's office to sign contracts?
There is no requirement to attend the office of your solicitor, they can send any relevant documents to you, which you can sign and return. Many home movers nevertheless opt to use a locally based solicitor, but it is not essential for conveyancing in Lake District.