My partner and I intend to remortgage our penthouse in Chellaston with Bank of Ireland. We have a son 18 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 property is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need 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?
First, rest assured that your Bank of Ireland 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
What is the difference between a licensed conveyancer and conveyancing solicitor in Chellaston
Two types of professional can carry out conveyancing in Chellaston namely CLC regulated conveyancers or solicitors. Both professionals administer the legal services that required to complete the sale or acquisition of property. They are both duty bound to perform Chellaston conveyancing on similar standards and guidelines so you may be sure that your conveyancing will be properly carried out and that the requirements and procedures will be accurately followed.
I recently had an offer agreed on an apartment in Chellaston. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. A few days later, the property lawyer called me sheepishly admitting that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
At last I have had an offer on an apartment in Chellaston agreed to, but there is a chain. The vendors have offered on somewhere, however it’s not been accepted yet, and are looking at other flats booked. I have instructed a bricks and mortar conveyancing solicitor in Chellaston. What should be my next step? At what point should I apply for the mortgage with Nottingham?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then valuation, Chellaston conveyancing search fees, etc). First, you must ensure that your lawyer is on the Nottingham approved list. Concerning the subsequent phase this very much depends on the specifics of your transaction, attraction to this property and on the state of the market. During a rising market many buyers will apply for the mortgage with Nottingham and pay for the valuation and only if it comes back ok would they pay their conveyancer to proceed with searches.
I am selling our property in Chellaston and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. A high street Chellaston lawyer would know this is not the case. It does beg the question why the buyers used a nationwide conveyancing practice as opposed to a conveyancing solicitor in Chellaston. We have lived in Chellaston for three years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? 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 life insurance to cover that same illness)
Despite weeks of looking the Title Certificate and documents to our home can not be found. The solicitors who dealt with the conveyancing in Chellaston 5 years ago no longer exist. What are my options?
In today’s world there are copies made of almost everything, and your conveyancer will be aware exactly where to locate all the relevant documentation so you can purchase or sell your property without a hitch. Where copies are not available, your solicitor may be able to arrange cover in the form of insurance or indemnities protecting you against future claims on the premises.
I'm buying my first flat in Chellaston benefiting from help to buy. The builders would not budge the price so I negotiated 6k of extras instead. The sale representative suggested that I not disclose to my solicitor about the deal as it could put at risk my loan with the lender. Should I keep quiet?.
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.
Me and my partner are purchasing a 2 room ground floor flatin Chellaston with a loan from a mortgage company. We have selected a lawyer in Chellaston however our bank advise he's not approved on their "panel". Apparently we need to choose from the our bank panel solicitors or keep our Chellaston solicitor and incur the extra costs for one of their panel ones to represent our lender. This seems very unfair; is there anything we can do?
Unfortunately,no. The bank mortgage issued is subject to its terms and conditions, one of which will be that solicitors will on the bank's conveyancing panel. Until recently, most banks had large numbers of law firms on their panels, including many conveyancing solicitors in Chellaston : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for your bank.