My fiance and I are refinancing our flat in Horwich with TSB. We have a son 19 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 repossessed. I have two concerns (1) Is this form unique to the TSB conveyancing panel as he did not need to sign this form when we purchased 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 TSB. This is solely used to protect TSB 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 TSB 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 planning to acquire a house and need a conveyancing solicitor in Horwich who is on the Santander conveyancing panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Horwich.
The Horwich conveyancing solicitors that just started acting on my house acquisition in Horwich have without warning shut down. I only went with them because I had to have a lawyer on the Santander conveyancing panel and my preferred Horwich lawyer was not. I paid them £170 in advance. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I decided to have a survey carried out on a property in Horwich ahead of instructing solicitors. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some lenders may not grant a loan on such a house.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Horwich. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking at a two flats in Horwich which have approximately 50 years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Horwich. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
Horwich Leasehold Conveyancing - Examples of Queries Prior to buying
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If a Horwich lease has fewer than 80 years it will affect the value of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and it is worth discovering what this will be. For most Horwichlease extensions you will be required to have been the owner of the premises for 24 months in order to be entitled to carry out a lease extension. Make sure you discover if the the lease contains any adverse restrictions in the lease. For example it is very common in Horwich leases that pets are not allowed in in a block in Horwich. If you like the apartmentin Horwich yet your dog can’t make the move with you then you have a very difficult compromise. Please tell me if there are any major works on the horizon that will likely add a premium to the service fees?
I am searching for Horwich competitive conveyancing fees. Can I be confident that all the Horwich law firms that are listed on your directory are on the bank conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Horwich firm being on the mortgage company conveyancing panel is incorrect.