What does my ID and proof of funds have anything to do with my conveyancing in Lacock? What am I being asked for?

In order to comply with Money Laundering Regulations any Lacock 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 bill showing your correct address.

Under Money Laundering Regulations, property lawyers are obliged by law to investigate not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your property lawyers are duty bound to inform the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.

I am considering applying for a Yorkshire BS mortgage for purchase of a new build (under development) in Lacock with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Yorkshire BS ?

In theory, you could use a solicitor that is not on the Yorkshire BS conveyancing panel, but Yorkshire BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.

I am expecting a DIP from Virgin Money this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Lacock solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?

You will need to appoint Lacock solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.

I can not work out if my lender requires a lease extension. I have called my Lacock building society branch on various occasions and was reassured it wasn't a problem and they would lend. My Lacock conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their published requirements. I simply don't know who is right.

Your property lawyer must follow the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.

My offer on a semi in Lacock has been agreed to, but there is a chain. The vendors have offered on a flat, but it’s not yet tied up, and have viewings of other properties in the pipeline. I have chosen a nearby conveyancing solicitor in Lacock. What should be my next step? At what stage should I apply for the mortgage with Santander?

It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then valuation, Lacock conveyancing search fees, etc). First, you must check that your solicitor is on the Santander approved list. As to the subsequent phase this very much depends on the specifics of your transaction, attraction to this property and on the state of the market. In a rising market the majority of purchasers will apply for the mortgage with Santander and pay for the valuation and only if it was satisfactory would they ask their property lawyer to move forward with searches.

Various web forums that I have frequented warn that are the number one cause of delay in Lacock house deals. Is there any truth in this?

The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Lacock.

I am in need of some leasehold conveyancing in Lacock. Before I get started I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in Lacock - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Leasehold Conveyancing in Lacock - Sample of Queries Prior to buying

The answer will be useful as a) areas could result in problems for the building as the common areas may begin to deteriorate where maintenance are not paid for b) if the tenants have an issue with the running of the building you will want to have all the details Who are the managing agents? Most Lacock leasehold properties will have a service bill for the upkeep of the building levied on behalf of the management company. If you purchase the flat you will have to meet this contribution, normally quarterly accross the year. This could be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a ground rent to be met yearly, this is usually not a exorbitant sum, say around £50-£100 but you need to check as sometimes it could be many hundreds of pounds.