My fiance and I intend to remortgage our maisonette in Barking with Nationwide. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults 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 flat is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Nationwide conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this extinguish his entitlement 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
Please explain the implications if my solicitor is removed from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Barking?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We have a mortgage agreed in principle with Nationwide. Barking conveyancing practitioners were appointed. How long does it take for Nationwide to issue the offer to the property lawyer?
Some lenders take longer than others. Have Nationwide conducted the survey? Have you informed Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I've read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Barking solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Barking postcode. As you are getting a mortgage with TSB, you could contact them to see if they have a list of approved surveyors in Barking.
My sealed bid on a property in Barking has been accepted, but there is a chain. The owners have placed an offer on a property, however it’s not yet tied up, and have viewings of other apartments in the pipeline. I have selected a local conveyancing solicitor in Barking. What do I do now? At what stage do I apply for the mortgage with Clydesdale?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx one thousand pounds, then valuation, Barking conveyancing search fees, etc). First, you must ensure that your conveyancer is on the Clydesdale conveyancing panel. Regarding the next steps this very much depends on the specifics of your transaction, attraction to the property and on the state of the market. During a hot market the majority of buyers would apply for a home loan with Clydesdale and arrange for the valuation and only if it comes back ok would they request their conveyancing practitioner to press on with the conveyancing in Barking.
We are buying a house and the solicitor has mentioned Chancel Repair for which the house may be liable given it’s proximity to the area of such a church. She has recommended insurance. Is this strictly appropriate for conveyancing in Barking
Unless a previous purchase of the property took place post 12 October 2013 you can assume that lawyers delivering conveyancing in Barking to remain recommending a chancel search and or insurance against a claim.
I am purchasing a new build house in Barking with the aid of help to buy. The sellers would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not to tell my lawyer about this side-deal as it will affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Barking I like with open areas and railway links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Barking for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.