I can't travel far from Holyhead. What is the rationale as to why all Holyhead conveyancers are not on all lender panels?
Banks highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in mortgage companies removing less reputable firms from their official list of approved conveyancing practitioners .
My fiance and I intend to remortgage our apartment in Holyhead with Coventry BS. We have a son 18 who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. 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 two concerns (1) Is this document specific to the Coventry BS conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his entitlement 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
It is 10 years ago since I bought my home in Holyhead. Conveyancing lawyers have recently been instructed on the sale but I can't find the title documents. Will this cause complications?
You need not be too concerned. First the deeds may be with the lender or they may still be with the lawyers who acted in the purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Nearly all conveyancing in Holyhead relates to registered property but in the unlikely event that your home is unregistered it is more problematic but is not insurmountable.
How does conveyancing in Holyhead differ for newly converted properties?
Most buyers of new build premises in Holyhead approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because house builders in Holyhead tend to 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 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 Holyhead or who has acted in the same development.
I decided to have a survey completed on a house in Holyhead ahead of instructing solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some lenders will refuse to give a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different instructions from Halifax. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Holyhead. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Holyhead to see if the conveyancing will be more expensive.
What does commercial conveyancing in Holyhead cover?
Commercial conveyancing in Holyhead covers a broad range of advice, given by regulated 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 usually, 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 tenancies.