In what way does my ID and proof of funds have anything to do with my conveyancing in Prescot? Why is this being asked of me?

Prescot conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to ensure that clients are who they say they are.

Conveyancing clients are required to disclose two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Bank Statement no more than three months).

Proof of source of monies is also necessary in compliance with the money laundering statutes as solicitors are mandated to check that the funds you are using to purchase a property (be it the exchange deposit or the full purchase price if you are buying mortgage free) has come from legitimate source (such as employment savings) rather than the product of illegitimate behaviour.

How does conveyancing in Prescot differ for newly converted properties?

Most buyers of new build property in Prescot contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is completed. This is because builders in Prescot usually buy the real estate, 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 Prescot or who has acted in the same development.

Do I need to be suspicious that estate agents that I am dealing with are suggesting an online conveyancing firm rather than a local Prescot conveyancing firm?

As with lots of professional services, often recommendations from relatives can be most helpful. But there are lots of parties with a keen interest in a conveyancing deal; estate agents, financial adviser and banks may suggest lawyers to appoint. On occasion the solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are free to select your preferred conveyancer. However, bear in mind that the majority of banks specify a panel list of law firms you must use for the lender related work in your transaction.