My partner and I intend to remortgage our penthouse in Holly Village with Barclays. We have a son 19 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 Barclays conveyancing panel as he did not need 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 Barclays. This is solely used to protect Barclays 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 Barclays 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 Holly Village is more expensive?
The conveyancing charges for a leasehold property in Holly Village is inevitably greater as compared to a freehold residence. This is because there is an amount of extra work necessary in liaising with the freeholder and management company to collate the information about whether the rent and maintenance charges have been discharged and whether there are any significant expenditure in the near future on repairs or maintenance of the building.
Do the Building Society Association intend to launch a search tool with a view to list firms on the Loughborough BS conveyancing panel for example in Holly Village?
We are not aware of any plans on the part of the BSA to develop such a register.
How does conveyancing in Holly Village differ for newly converted properties?
Most buyers of new build residence in Holly Village come to us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because builders in Holly Village typically buy 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 conveyancing solicitors 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 used to new build conveyancing in Holly Village or who has acted in the same development.
What does commercial conveyancing in Holly Village cover?
Holly Village conveyancing for business premises incorporates a broad range of services, supplied by regulated solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies 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 tenancies.
My step-son is about to join the property ladder, the home loan was agreed last week in principle. When the seller agreed the offer on the apartment we contacted the bank to issue the formal offer. We were shocked to learn that mortgage companies do not accept all solicitor, they have to be on a list, is this legal?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Holly Village conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.