My husband and I swapping mortgage lender for our maisonette in Leyburn with HSBC. We have a son 19 who lives with us. Our solicitor requested us to identify any adults 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 property is repossessed. I have two questions (1) Is this document specific to the HSBC conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your HSBC 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
What does my ID and proof of funds have anything to do with my conveyancing in Leyburn? What am I being asked for?
Leyburn conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to disclose two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Proof of the origin of funds is also necessary under the money laundering laws as lawyers have a duty to investigate that the funds you are utilising to acquire a property (whether it be the deposit for exchange or the total purchase monies if you are a cash purchaser) has come from legitimate source (such as an inheritance) as opposed to the product of illegitimate activity.
I am buying a right to buy a flat in Leyburn. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Leyburn you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Leyburn.
My wife and I are purchasing a house in Leyburn. It might be a silly question but how we can trust a conveyancer? At some point we will need to put funds into their account. What is the protection 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.
Is it the case that all Leyburn solicitor practices on the Skipton conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Skipton approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some lenders do list licenced conveyancers on their panel in which case such firms would be governed by the CLC.
The mortgage over my property is with Santander for my property in Leyburn. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
You must advise Santander before renting your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel firm.
Will commercial conveyancing searches reveal planned roadworks that may affect a commercial property in Leyburn?
Many commercial conveyancing solicitors in Leyburn will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Leyburn. The search result sets out definitive data 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 Leyburn.
For every commercial conveyancing transaction in Leyburn 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 cause delays to Leyburn commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Leyburn.
What advice can you give us when it comes to appointing a Leyburn conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Leyburn conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with several firms including non Leyburn conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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If the firm is not ALEP accredited then what is the reason? How familiar is the practice with lease extension legislation?
Leyburn Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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Can you tell me if there are any major works on the horizon that could add a premium to the service costs? Best to be warned whether changing the roof or some other major work is due in the foreseeable future that will be shared between the leaseholders and will materially increase the the service charges or necessitate a specific payment.