My fiance and I intend to remortgage our flat in Hazlemere with Principality. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults 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 property is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Principality conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this compromise 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 Principality. This is solely used to protect Principality 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 Principality 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Hazlemere? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms of Engagement that you need to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to hand over identification documents, your lawyer would not be able to accept instructions from you.
I am selling my home in Hazlemere. Does the solicitor have to be on the TSB conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the TSB conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
How does conveyancing in Hazlemere differ for new build properties?
Most buyers of new build property in Hazlemere contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Hazlemere typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Hazlemere or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Hazlemere before appointing lawyers. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies tend refuse to give a loan on a flying freehold property.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to telephone us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hazlemere. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Hazlemere cover?
Hazlemere conveyancing for business premises covers a broad range of services, offered by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.