My partner and I changing mortgage lender for our penthouse in Barbican with RBS. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 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 flat is forfeited by the lender. I have two concerns (1) Is this form unique to the RBS conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your RBS 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 RBS. This is solely used to protect RBS 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 RBS 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.
I am purchasing a new build flat in Barbican. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Barbican you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Barbican.
Will our conveyancer be asking questions concerning flooding as part of the conveyancing in Barbican.
Flooding is a growing risk for conveyancers specialising in conveyancing in Barbican. Plenty of people will acquire a property in Barbican, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a various checks that can be initiated by the buyer or by their lawyers which can figure out the risks in Barbican. The conventional set of completed inquiry forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to find out whether the premises has ever been flooded. In the event that flooding has previously occurred and is not disclosed by the seller, then a purchaser could issue a legal claim for losses stemming from an inaccurate reply. A purchaser’s solicitors will also order an enviro report. This should disclose whether there is any known flood risk. If so, further investigations will need to be conducted.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Barbican is the location of the property. Can you offer any advice?
Flying freeholds in Barbican are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Barbican you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barbican may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Hoping to buy a property located in Barbican and I am already nervous. I couldn't find anything specific about Barbican. Conveyancing will be needed in due course but do you know about the Barbican area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Barbican. In the meantime here are some basic statistics that we found
I am thinking of appointing a conveyancing practitioner in Barbican for my house move. Can I check a solicitor's record with the profession’s regulator?
Members of the public can review published Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after Jan 2008. Go to Check a solicitor's record. For details Pre 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The regulator could monitor call for training reasons.