My fiance and I changing mortgage lender for our maisonette in Margam with Nottingham. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. 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 questions (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
Finally the sale completed on my house in Margam last March but our buyer keeps Skype messaging me to moan that their solicitor needs to hear from mine. What are the post completion sale formalities following completion?
Post completion of your sale your conveyancer should forward the transfer documentation and all of the paperwork to the buyer’s lawyers. Depending on the transaction, your lawyer must also evidence that the legal charge in favour of the lender has been repaid to the buyers conveyancers. There is unlikely to be post completion tasks just for conveyancing in Margam.
My uncle passed away six months ago and as sole heir and executor I was left the house in Margam. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this allowed?
Given you plan to refinance then Nationwide will require that you use a conveyancer on the Nationwide conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide mortgage is registered as a charge at the Land Registry.
Just had an offer accepted on a new build flat in Margam. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Margam
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
My husband and I are novice buyers - had an offer accepted, yet the estate agent has warned us that the seller will only issue a contract if we appoint their recommended lawyers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a local conveyancer used to conveyancing in Margam
It is improbable the vendors are driving this. Should the seller desire ‘a quick sale', taking such a hostile approach to a motivated buyer is likely to cause more damage than good. Bypass the agents and go straight to the sellers and make sure they understand (a)you are keen to buy (b)you are ready to progress, with finances in place © you do not need to sell (d) you intend to proceed fast (e)however you are going to appoint your own,trusted Margam conveyancing firm - as opposed tothe ones that will give the negotiator at the agency a commission or achieve conveyancing figures pre-set by HQ.
Me and my husband are selling a Margam property left to us six years ago in 2012. I have over 15 years conveyancing knowledge and, now retired, wish to conduct the conveyancing. The purchaser's conveyancer has informed me that their Lenders will not allow us to do our own conveyancing requiring the funds to be sent to a solicitor's bank account.
Lending requirements to solicitors from all CML members specify that If the vendor does not have legal representation the purchaser’s lawyers should check whether the bank needs to be notified so that a decision can be reached if they are willing to proceed.