Much to our surprise we have been advised by our financial adviser that my Fairbourne lawyer is not on the mortgage company Solicitor panel. How can I check?
The first thing you need to do is to call your Fairbourne lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they may be able to suggest a Fairbourne conveyancing firm that is on the conveyancing panel for your mortgage company.
My partner and I changing mortgage lender for our apartment in Fairbourne with RBS. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose 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, giving up any rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this document specific to the RBS conveyancing panel as he never had to sign this form when we purchased 5 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 RBS. This is solely used to protect RBS 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 RBS 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 have 70 years left on my lease and need a lease extension for my apartment in Fairbourne. Conveyancing solicitors on the Virgin panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 24/6/2022 the requirements read as follows :
Forgive me if this question is silly but I am new to the home buying as FTB of a two bedroom flat in Fairbourne. Do I pick up the keys to the property on the completion date from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Fairbourne?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s lawyers, and shortly after the monies have arrived, you will be invited to receive the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
When it comes to lenders such as Aldermore, do Fairbourne property lawyers incur a yearly amount to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I am purchasing a property in Fairbourne. A rare aspect is that the roof has a solar panel. TSB have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with TSB your lawyer must check the conveyancing requirements contained in Part 2 of UK Finance Lenders’ Handbook for TSB. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to TSB where a lease fails to satisfy these provisions. The specifications relate to the installation of panels on properties nationwide and is not isolated to Fairbourne.
I used Arc property Solicitors a few years ago for my conveyancing in Fairbourne. Now, I need my documents however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Fairbourne of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I have been on the look out for a ground for flat up to £245,000 and found one close by in Fairbourne I like with amenity areas and railway links in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Fairbourne in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan that many years will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.