My fiance and I are refinancing our maisonette in Higham Wood with Lloyds. We have a son 18 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Lloyds conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Lloyds conveyancing panel solicitor is doing the right thing 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Higham Wood? Why is this being asked of me?
Higham Wood conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Confirmation of source of monies is also necessary under the money laundering regulations as lawyers have a duty to check that the monies you are using to acquire a property (whether it be the deposit for exchange or the total purchase monies where you are a cash purchaser) has originated from a reputable source (such as an inheritance) rather than the product of criminal behaviour.
I am downsizing from our home in Higham Wood and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A local lawyer would know that there is no such problem. It does beg the question why the buyers are using an internet conveyancing outfit rather than a conveyancing solicitor in Higham Wood. We have lived in Higham Wood for 5 years we know that this is a non issue. Should we contact our local Authority to get clarification need.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I am buying a new build flat in Higham Wood. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Higham Wood
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Higham Wood I like with open areas and station nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Higham Wood in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Is it true that a Higham Wood conveyancing company got sued by clients for failing to conduct the appropriate conveyancing searches?
We are not aware of such a Higham Wood conveyancing matter but it has been reported that, clients acquiring a property elsewhere in England successfully won a claim against their conveyancer due to development permission to build a wind farm not being picked up in conveyancing searches.
If you are contemplating buying a home in Higham Wood It is important that your conveyancer purchase all Higham Wood conveyancing searches necessary to ensure you have accurate and current information before purchasing a home in Higham Wood.