It has come to my attention via my mortgage broker that my Kemp Town property lawyer is not on the lender Conveyancing panel. What can I do to check?
The first thing you need to do is to call your Kemp Town lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
My fiance and I intend to remortgage our apartment in Kemp Town with TSB. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of questions (1) Is this document specific to the TSB conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your TSB conveyancing panel solicitor is doing the right thing 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.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Kemp Town so that I can attend their offices when needed.
These days conveyancing panel lawyers for lenders carry out the vast majority of communications via Royal Mail, e-mail or over the phone. This means that they can undertake the conveyancing transaction regardless of where you live in the country. However you can see if you have the option of going to the offices of your conveyancing lawyer if just in case this is required.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when acquiring a property in Kemp Town?
Unless a previous acquisition of the premises completed after 12 October 2013 you can expect conveyancing practitioners handling conveyancing in Kemp Town to continue to suggest a chancel search and or insurance against a claim.
I'm buying a new build house in Kemp Town with a mortgage from The Mortgage Works. The builders would not budge the price so I negotiated 6k of extras instead. The estate agent told me not inform my solicitor about this side-deal as it will put at risk my loan with The Mortgage Works. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I was advised by two or three local estate agents in Kemp Town to get a quote from a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to offer your site ahead of a competitor’s?
We don’t give any referral fee for directing people our way. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.