My fiance and I are refinancing our flat in Maze Hill with Nationwide. We have a son 18 who lives at home. Our solicitor requested us to identify 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 flat is forfeited by the lender. I have two concerns (1) Is this document specific to the Nationwide conveyancing panel as he did not need to sign this form when we bought 4 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 Nationwide 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
Why do I have to pay up front for my conveyancing in Maze Hill?
If you are buying a property in Maze Hill your solicitor will request that you put them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the purchase price then this should be asked for shortly in advance of contracts are exchanged. Any further balance that is due should be transferred shortly before completion.
I have been told that property searches are the number one reason for hinderance in Maze Hill house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Maze Hill.
I am buying a new build house in Maze Hill with a mortgage from Barclays Direct. The builders refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not inform my solicitor about this deal as it could put at risk my loan with the lender. 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've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a simple, no chain conveyancing. Maze Hill is the location of the property. Is there any guidance you can give?
Flying freeholds in Maze Hill are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Maze Hill you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Maze Hill may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I'm remortgaging my existing home to a buy to let mortgage with Aldermore and intend to use the remaining equity towards further house. The area we are talking about is Maze Hill. Will your solicitors be able to act for the two lenders and tie in the two deals?
Do use our comparison tool on this site to check that the conveyancers are on the appropriate lender panels. Having checked that they are your conveyancer will be able to simultaneously deal with the two transactions but you should have a chat with you lawyer and make apparent your expectations and needs.