Transaction Guide
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Proof of Identity
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It is a legal requirement for us to verify your identity before we can act on your behalf. Conveyancing firms can be a target for money laundering and fraudulent activity because of the high-value of property. We therefore carry out compulsory verification checks on all of our clients and are unable to exchange contracts until we are satisfied of your identity.
You will be asked to provide your identity documents when completing your Welcome Pack in the online portal. We will then use our innovative biometric and electronic checks to verify your identity.
We will require the following:
- A photograph of you: We will need you to take a photo of yourself so that we can verify who you are. As if you were taking a photo for a passport, you should look straight at the camera with a plain expression. The photo should be clear and in focus.
- Documentary evidence of identity: We require a picture of either a Full Valid Signed Passport or your current UK Photocard Driving License.
- Documentary evidence of address: We require a copy of a proof of address document which must show your name and address, and must be less than three months old. We accept the following:
- Recent Utility Bill or Statement (not a mobile phone bill)
- Local Council Tax Bill for the current year
- Bank or Building Society Statement (not a credit card or joint account statement)
- Recent Original Mortgage Statement
- Inland Revenue Self Assessment Statement
- House or Motor Insurance Certificate
We are under a general professional and legal obligation to act with confidentiality. However, we are required to report to the National Crime Agency (NCA) where we know or suspect that a transaction involves Money Laundering or Terrorist Financing. By instructing us to act on your behalf, you give us irrevocable authority to make a disclosure to the NCA if we consider it appropriate. You agree that this authority overrides any confidentiality or entitlement to legal professional privilege. It will not be possible for us to inform you in the event that it proves necessary to make such a report.
Cyber Security
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Over the past few years, conveyancing firms and their clients have been at increasing risk of cybercrime. As property is a high-value asset, fraudsters need only commit the crime once for a significant financial return. It is not uncommon for a criminal to pretend to be the owner of the property or a conveyancer in order to access sale proceeds.
There are a number of ways that you can protect yourself from becoming a victim of cybercrime:
- We will never contact you with a change of our bank details. Should you receive any suspicious communication purporting to be from Convey Law, please contact us immediately on a number you have previously used.
- Please call us to verify our bank details before sending your deposit funds.
- Try to limit the number of people who know you are moving home and do not post about it on social media.
Convey Law take the risk of cybercrime very seriously. We are part of the Conveyancing Association Cyber Safe Scheme and ensure that we have own rigorous processes in place to avoid an incident.
When a sale is agreed, the parties involved may suggest a preferred moving day, referred to as the completion date. You should inform your conveyancer of any suggested completion dates at the start of the transaction as it can be a helpful target and your conveyancer will also be able to advise on the feasibility of the proposed date.
It is important to remember that the suggested completion date is flexible and cannot be guaranteed until exchange of contracts. It is only at exchange of contracts that the completion date is fixed and legally binding for all parties.
We would advise that you do not confirm arrangements with your removal company or give notice to your landlord until contracts have been exchanged and the completion date is fixed.
Cyber Crime Verification Product
Our Cyber Crime Verification Product is a mandatory additional service which involves verification checks of the conveyancer acting on the other side of the transaction and the authenticity of their and your bank details. These verification checks reduce the risk of interception by a cybercriminal attempting to access the sale proceeds.
Please confirm your instructions in relation to the Cyber Crime Verification Product when completing your Welcome Pack at the start of your property transaction. Your instructions to implement our Cyber Crime Verification Product incorporate your formal authority to divulge the appropriate information to relevant third parties to undertake the appropriate due diligence checks and your acknowledgement that Convey Law will not accept responsibility or be held liable for inaccurate information supplied by third parties. Please contact us if you require any further information in relation to this fraud prevention service.
Property Fraud Restriction
Fraudsters can and do target properties by pretending to be you – the property owner. They can try to sell or mortgage your property, leaving you to deal with the consequences. Our Property Fraud Restriction product helps to reduce the risk of fraud by registering a proof of identity restriction on your property at the Land Registry. This means that a conveyancer or solicitor will need to confirm in writing that any application to the Land Registry was made by you, the property owner, protecting you against identity fraud. If you choose to take advantage of this additional fraud protection, we will register the restriction with the Land Registry on completion of your purchase.
Timescales
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This is a difficult question to answer at the start of the process. There are various factors which can affect the timescale of your transaction such as the type of property, the parties involved, the complexity of the legal work and the need for a mortgage. Delays typically arise from incomplete information at the start of the process, late mortgage arrangement, difficultly agreeing completion dates, complications with the legal title and long chains.
The national average transaction time has increased significantly in recent times to in excess of 20 weeks from instruction to the completion date. Our average at Convey Law is between 16 to 20 weeks and we will ensure that we progress your transaction as efficiently as possible. However, unforeseen complications can arise in the legal process which are out of our control. Your conveyancer will communicate any issues to you and work to resolve them as soon as possible.
Very often any delays are outside of the control of you or your conveyancer. However, there are ways that you can avoid a slowdown of your transaction:
Provide as much information up front as possible A common delay at the start of the transaction is late or incomplete information from the seller about the property. When the buyer’s conveyancer reviews the property information they will have to re-request this from the seller, so it saves time for all parties to provide it upfront.
Your conveyancer will keep you updated throughout the transaction and be on hand to answer any queries you may have. However, it can sometimes be counterproductive to be in constant communication, especially when the delay may be out of our control. We ask that you trust in your conveyancer to keep you updated at the key stages through your preferred method of communication and via our online case tracking system, available 24/7.
Be efficient in completing the required documentation and responding to any queries from your conveyancer. Avoid being the source of any delays where possible.
