My partner and I intend to remortgage our maisonette in Cambridge with Leeds Building Society. We have a son 19 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Leeds Building Society conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this extinguish 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
When can the exchange of contracts take place for residential conveyancing in Cambridge and am I required to be at the conveyancers office?
Where you are near to our conveyancing solicitors in Cambridge you are invited in to sign the paperwork. However, the lender approved solicitors we work with supply countrywide coverage for conveyancing and provide as equally diligent and professional a job for you when communicating with you by post or email. The signing of the sale agreement is not the point of no return. A signed contract simply enables the firm to officially exchange at the suitable time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Cambridge)to be in the office available at the end of the phone to exchange contracts.
I have been told that property searches are a common reason for delay in Cambridge conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Cambridge.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Cambridge is the location of the property. Can you offer any opinion?
Flying freeholds in Cambridge are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cambridge 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 Cambridge may ascertain 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.
Am I right to be wary by estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a local Cambridge conveyancing practice?
As with many service providers, often input from family and friends can be worth their weight in gold. Yet there are lots of people with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks might all put forward lawyers to use. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there might be a commercial relationship behind the endorsement. You have the right to select your own conveyancer. Don't forget that the majority of lenders have an approved list of solicitors you are obliged to use for the lender aspect of your conveyancing.
In scouring the web for the phrase on line conveyancing in Cambridge it reveals numerous solicitorsin the vicinity. How do I determine which is the right solicitor for my move?
The preferential way of seeking the right conveyancer is through a trusted recommendation, so enquire of friends and relatives who have purchased a property in Cambridge or a reputable estate agent or mortgage broker. Costs for conveyancing in Cambridge vary, so it's a good idea to secure at least three fee calculations from varying types of conveyancers. Dont forget to clarify that the costs are guaranteed not to escalate.