My partner and I intend to remortgage our flat in Abersoch with Coventry BS. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Coventry BS conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Coventry BS 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
It is 10 years ago since I acquired my property in Abersoch. Conveyancing solicitors have just been instructed on the sale but I am unable to track down the title documents. Will this jeopardise the sale?
Don’t worry too much. First the deeds may be kept by the mortgage company or they could be in the possession of the solicitor who acted in your purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. Most conveyancing in Abersoch involves registered property but in the rare situation where your home is not registered it adds to the complexity but is resolvable.
I have been told that property searches are a common cause of obstruction in Abersoch house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Abersoch.
It has been 3 months since my purchase conveyancing in Abersoch completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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 asset 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 decided to have a survey done on a house in Abersoch before instructing solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some lenders tend not give a loan on such a house.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. Should you wish to telephone us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Abersoch. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Abersoch to see if the conveyancing costs will increase in light of this.
How much experience do your Abersoch conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Abersoch conveyancing lawyers help thousands of buyers move home every year and helped plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Abersoch conveyancers have worked on recent similar matters.