My wife and I are refinancing our penthouse in Birmingham with Principality. 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. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this form unique to the Principality conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this compromise 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 Principality. This is solely used to protect Principality 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 Principality 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.
Are the Birmingham conveyancing solicitors identified as being on the UBS conveyancing panel, together with their details provided by UBS?
Birmingham conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
My brother-in-law has suggested I instruct a conveyancing solicitor in Birmingham. I I would like to check whether they are accepted on the TSB approved list of lawyers. Can you assist?
The first thing you should do is contact your lawyer and enquire whether they can act for the bank. Alternatively please get in touch with TSB who may be able to assist.
Should my conveyancer be asking questions concerning flooding as part of the conveyancing in Birmingham.
The risk of flooding is if increasing concern for solicitors dealing with homes in Birmingham. Some people will buy a property in Birmingham, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a various searches that may be carried out by the buyer or on a buyer’s behalf which will figure out the risks in Birmingham. The standard completed inquiry forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to discover whether the property has historically flooded. In the event that the residence has been flooded in past and is not revealed by the seller, then a buyer may commence a legal claim for losses stemming from an inaccurate response. The purchaser’s lawyers should also conduct an environmental report. This should reveal whether there is any known flood risk. If so, additional investigations will need to be carried out.
How does conveyancing in Birmingham differ for new build properties?
Most buyers of new build or newly converted property in Birmingham come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is built. This is because developers in Birmingham typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Birmingham or who has acted in the same development.
I need to retain a conveyancing solicitor for some conveyancing in Birmingham. I've discover a site which appears to be the perfect offering If there is a chance to get all the legals done via web that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?