When buying a property, you will be asked where your money is coming from. This is a normal and essential part of the legal process and something all conveyancers are required to do. Why are we asking? We are legally required to carry out checks under Anti-Money Laundering regulations. This means we must: Confirm where your purchase funds are coming from ( Source of Funds ) Ensure your overall financial position matches the transaction ( Source of Wealth ) This is not about m

New year often brings with it the search for a new home. Please click below to download our handy moving checklist.

Anti Money Laundering (AML) checks refer to the due diligence procedures required by law. The Fourth EU Money Laundering Directive, incorporated into UK law in June 2017 through the Money Laundering, Terrorist Financing and Transfer of Funds Regulations, mandates conveyancers to perform 'Client Due Diligence' (CDD) on every client. This process includes verifying clients' identities, assessing the transaction's circumstances, the client’s financial standing, and the origin of

Building Regulations establish minimum standards for design, construction, and alterations to virtually every building to ensure the health and safety of people in or around those buildings. They also include requirements for conserving fuel and power and providing access and movement facilities for people, including those with disabilities, within buildings. Interaction with planning control is also significant. While planning permission may be required for many types of bui

The Exchange of Contracts and Completion process marks the point at which the seller and buyer are irrevocably and legally committed to the sale and purchase of the property. Unlike an estate agent's 'Notes of the sale,' which hold no legal weight and are not binding, the formal legal exchange of contracts ensures that neither party can withdraw or alter the price without consequence. The term 'exchange of contracts' refers to the practice where the buyer and seller each sign

Let the buyer beware - ‘Caveat Emptor’ It is crucial for a buyer to have a house or flat professionally surveyed before the exchange of contracts occurs. Conveyancers are not qualified to advise buyers on the value, structural integrity, or the physical condition of the property. Such advice should be obtained from a surveyor. Under English law, sellers are generally not obligated to ensure that the property is physically suitable for the buyer or that it meets planning, bui

What is a ‘Gifted Deposit’? The first kind of 'gifted deposit,' known as a 'Seller's gifted deposit,' occurs when the seller offers a portion of the purchase price back to the buyers, either as a discount or a deposit. This can happen when a seller, like a housebuilder, reduces or eliminates the deposit required from the buyers at the contract exchange, or when the seller contributes to or refunds part of the purchase price upon completion. The second kind, termed a 'Family g

What are ‘Searches’? Before you are committed to purchasing the property upon the exchange of contracts, your conveyancer will conduct several property searches with various entities such as Local Authorities, Coal and Water Authorities, and other agencies. These searches are crucial as they may uncover significant issues with the property. The sellers might not have disclosed these problems, or they may be unaware of them. This information is not recorded by the Land Registr

While we cannot provide specific advice on whether to install panels on an existing property, the following insights may be helpful. If you are considering panel installation, it's crucial to conduct thorough research. Typically, it takes 10-20 years to reach a break-even point on the investment cost of the panels. Informative articles on this topic can be found at www.which.co.uk and www.moneysavingexpert.com. These sources suggest that if you plan to move within the next 10

What are ‘Invasive Plant Species’ Japanese knotweed, Giant hogweed, Himalayan balsam, Rhododendrons, and New Zealand pygmyweed are classified as 'invasive plant species' that can cause issues for both land and structures. Additionally, 'injurious weeds' like some ragworts, thistles, and docks are under strict control. Japanese knotweed, in particular, has been problematic due to its lack of natural predators in the UK. Recently, homebuyers have expressed concerns about the im

Buying a property with an EV charging point When purchasing a property with an electric vehicle (EV) charging point, there are several considerations to keep in mind. Although we cannot provide advice on electricity supply contracts, installation contracts, or guarantees, the following points should be useful. It is important to inform us if the property comes with an EV charging point so that we can include a specific clause in the purchase contract, which will help avoid an

Cybercrime & conveyancing In recent years, conveyancing clients and conveyancers have increasingly fallen prey to sophisticated fraudsters. These criminals have recognized that the UK banking system frequently processes transactions involving millions of pounds based solely on emails or phone calls that provide bank details and transfer amounts. They have devised intricate methods to reroute these funds through identity theft, email interception, and by convincing firms and t

The process of legally purchasing a property need not be complex or stressful. Before even instructing your conveyancer, there are several steps you can take to ensure a smoother transaction. Costs and your conveyancer Selecting a conveyancer can be quite daunting, as a Google search will yield thousands of results. It's crucial to take the time to compare costs and inquire about any additional fees, such as what you would owe if the transaction falls through. Find out if you