My fiance and I are refinancing our maisonette in Ely with HSBC. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this form unique to the HSBC conveyancing panel as he did not need to sign this form when we remortgaged 3 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
I am due to move house in May. Should my conveyancing solicitor communicate with the removal company on the day of completion. Incidentally, can you recommend a removal company in Ely. Conveyancing solicitor was organised before I stumbled across this page.
On the day of completion you will need to collect the keys from your selling agent however this should only happen after the vendors lawyers inform the agent that they acknowledge receipt of the completion payment and the keys can be released. Subsequently you can tell the removal men that they can start moving you in. We are not in a position to recommend a particular removal organisation but can assist you in locating a residential property solicitor in Ely or a solicitor with expertise in conveyancing in Ely.
The mortgage over my property is with TSB for my property in Ely. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform TSB?
You must advise TSB prior to letting out your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. It should not be necessary to do this via a TSB conveyancing panel firm.
I have instructed a Ely property lawyer having made sure that they are on the Nottingham conveyancing panel. Does my lawyer arrange the survey of the property?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Ely postcode. As you are getting a mortgage with Nottingham, you could contact them to see if they have a list of approved surveyors in Ely.
What can a local search inform me about the property I am buying in Ely?
Ely conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search is essential in every Ely conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search will supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I'm purchasing a new build house in Ely benefiting from help to buy. The sellers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not reveal to my solicitor about the side-deal as it would adversely affect my mortgage with HSBC Bank. Do I keep my lawyer in the dark?.
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.
I decided to have a survey completed on a property in Ely in advance of instructing solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some lenders may refuse to give a loan on such a property.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. Should you wish to telephone us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ely. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ely to see if the conveyancing will be more expensive.
Is it simple use your search app to find a conveyancing lawyer in Ely on the panel for my bank?
First choose a mortgage company such as Nationwide Building Society, Barnsley Building Society or Godiva Mortgages Ltd then specify your preferred area for example Ely. Conveyancing firms in Ely and across England and Wales will then be identified.