My husband and I swapping mortgage lender for our penthouse in Braunton with Nottingham. We have a son approaching twenty 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 flat is repossessed. I have two questions (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
Having sold my house in Braunton last July but our buyer keeps whats apping every few hours to moan that his conveyancer is waiting to hear from myconveyancer. What are the post completion sale legalities following completion?
Following your sale your conveyancer should send the transfer deeds and all additional paperwork to the buyer’s conveyancer. Where relevant, your lawyer should also confirm that the legal charge in favour of the lender has been paid off to the purchasers conveyancers. There are no post completion formalities specific conveyancing in Braunton.
I am selling our property in Braunton and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. Any local lawyer would know this is not the case. It does beg the question why the buyers are using an internet conveyancing outfit rather than a conveyancing solicitor in Braunton. We have lived in Braunton for 4 years we know that this is a non issue. Should we contact our local Authority to seek confirmation need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should enquire of 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 health insurance to cover that same illness)
I'm purchasing a new build house in Braunton benefiting from help to buy. The sellers would not reduce the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not disclose to my solicitor about the extras as it would impact my mortgage with Accord Mortgages Ltd. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Do I need to be suspicious about third parties that I am dealing with are recommending a web based conveyancing firm as opposed to a High Street Braunton conveyancing company?
As with lots of service providers, often suggestions from family and friends can be most helpful. But there are numerous parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and lenders might all suggest lawyers to appoint. Sometimes the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there might be a financial incentive behind the recommendation. You have the discretion to appoint your own conveyancer. Don't forget that the majority of banks specify a panel list of conveyancers you are obliged to use for the lender related work in your transaction.
My 20yr old son is about to join the property ladder, he had his mortgage in principle. When the seller agreed the offer on the house we rang the mortgage company to progress the mortgage application. I was disappointed to discover that mortgage lenders do not accept all lawyer, they have to be on a list, is this right?
Lenders ordinarily restrict either the type or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Braunton conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.