My fiance and I are refinancing our maisonette in Downham with Nottingham. 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. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two questions (1) Is this document specific to the Nottingham conveyancing panel as he never had to sign this form when we remortgaged 5 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 Nottingham 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 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.
Can you explain why leasehold purchase conveyancing in Downham costs more?
Downham leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Downham. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/9/2020, the requirements read as follows :
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to have this when buying a house in Downham? or Apparently there is a law dating back centuries that could mean that homeowners residing in a parish church boundary will be compelled to pay for maintenance towards the chancel within the church. Is this applicable for conveyancing in Downham?
Unless a prior purchase of the house took place after 12 October 2013 you could assume that lawyers handling conveyancing in Downham to remain recommending a chancel search and or insurance against a claim.
I am purchasing a new build house in Downham benefiting from help to buy. The builders would not budge the price so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not to tell my solicitor about the deal as it will jeopardize my mortgage with Platform Home Loans Ltd. Is this normal?.
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.
We are 3 weeks into a leasehold purchase having been recommend to conveyancers by the estate agent to carry out the conveyancing in Downham. We are not happy. Can you you assist me in finding new lawyers?
A solicitor would have to be very bad in order to consider changing them. Has your mortgage offer been generated? If so you must make them aware of the new lawyer and have the mortgage documents are re-sent. Your conveyancer should be on the mortgage company panel to avoid added charges and frustration. That should be your first question of the new solicitors. The find a solicitor tool should assist you in finding a bank approved conveyancer for your home move in Downham