My partner and I changing mortgage lender for our flat in Caerwys with TSB. We have a son 18 who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this form unique to the TSB conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to TSB. This is solely used to protect TSB if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of TSB had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is there a reason why leasehold purchase conveyancing in Caerwys is more expensive?
The conveyancing costs on a leasehold premises in Caerwys is frequently greater when contrasted to a freehold residence. This is due to the extra time necessary in dealing with the freeholder and managing agents to obtain information about whether the rent and maintenance charges have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the building.
The Caerwys conveyancing solicitors that I recently instructed on my house acquisition in Caerwys have without warning closed. They were on acting for me because I needed a firm on the Leeds Building Society conveyancing panel and my previous Caerwys lawyer was not. I paid them 275 plus VAT on account. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Leeds Building Society conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
It has been four months following my purchase conveyancing in Caerwys completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying my first flat in Caerwys benefiting from help to buy. The sellers would not budge the price so I negotiated 6k of extras instead. The sale representative told me not inform my solicitor about this extras as it will adversely affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My partner and I are buying a ground floor flat in Caerwys. At the point of instructing our conveyancing practitioner, they said that they were on all major UK bank panels. Our financial adviser emailed yesterday to say that they don't appear to be on the RBS approved list. Should that be true, what should we do? Do we simply pick a new solicitor that is on their approved list or do we pay for separate representation, with RBS selecting their own preferred conveyancer.
When acquiring a property with mortgage finance it is normal for the purchaser’s lawyers to also represent the mortgage company. In order to act for a bank or building society a conveyancer has to be on that lender's conveyancing panel. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the solicitor has to fulfill. Some lenders now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should call RBS to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on RBS's conveyancing panel as you are at liberty to use your preferred Caerwys lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.