My fiance and I intend to remortgage our flat in Holton le Clay with Virgin Money. We have a son 18 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, waiving any legal rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Virgin Money conveyancing panel as he did not need to sign this form when we bought 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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.
We are buying a flat in Holton le Clay. I might seem paranoid but how we can trust a conveyancer? At some point we will need to put our life savings into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to lenders such as Yorkshire BS, do Holton le Clay lawyers face a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
After what seems like an age I have had an offer on an apartment in Holton le Clay agreed to, the owners do however have an associated purchase. The sellers have offered on a property, but it’s not yet agreed to, and are looking at other properties booked. I have chosen a local conveyancing solicitor in Holton le Clay. What do I do now? When do I get the mortgage application with Clydesdale going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx one thousand pounds, then valuation, Holton le Clay conveyancing search charges, etc). First, you should ensure that your property lawyer is on the Clydesdale approved list. Regarding the subsequent stages this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. During a rising market many purchasers would apply for a home loan with Clydesdale and pay for the valuation and only if it comes back ok would they pay their conveyancing practitioner to move forward with the conveyancing in Holton le Clay.
Do commercial conveyancing searches disclose proposed roadworks that could affect a commercial premises in Holton le Clay?
Many commercial conveyancing solicitors in Holton le Clay will order a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Holton le Clay. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Holton le Clay.
For each commercial conveyancing transaction in Holton le Clay it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may result in delays to Holton le Clay commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Holton le Clay.
Are there restrictive covenants that are commonly identified during conveyancing in Holton le Clay?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Holton le Clay. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Holton le Clay differ for new build properties?
Most buyers of new build premises in Holton le Clay contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Holton le Clay tend to purchase the site, 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 used to new build conveyancing in Holton le Clay or who has acted in the same development.
When it comes to my conveyancing in Holton le Clay should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Holton le Clay conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.