My wife and I are hoping to purchase a house in Mevagissey and are in fact using a Mevagissey conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Coventry Building Society have this evening contacted us to inform me that there is now an issue as our Mevagissey conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Mevagissey lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My wife and I are refinancing our maisonette in Mevagissey with Barclays. We have a son approaching twenty who lives at home. 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, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Barclays conveyancing panel as he never had to sign this form when we bought 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 Barclays. This is solely used to protect Barclays 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 Barclays 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.
About to purchase a new build flat in Mevagissey. Conveyancing is daunting 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Mevagissey
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are architect prepared. Please provide 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? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Due to the input of my in-laws I had a survey completed on a house in Mevagissey in advance of appointing conveyancers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some banks will refuse to issue a loan on a flying freehold property.
It varies from the lender to lender. Santander has different requirements from Nationwide. If you call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Mevagissey. Conveyancing will be smoother if you use a solicitor in Mevagissey especially if they are accustomed to such properties in Mevagissey.
Is it best to choose a Mevagissey conveyancing practitioner who is local to the property I am hoping to buy? I have an old university friend who can carry out the legal work however his firm is located over three hundred miles away.
The benefit of a local Mevagissey conveyancing firm is that you can visit the firm to execute paperwork, deliver your ID and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were content that should outweigh using an unknown Mevagissey conveyancing solicitor solely due to them being local.
Is it necessary during the course of the conveyancing process to pop into the offices of the lender conveyancing panel solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Mevagissey as it will be easier to attend their offices if necessary.
As opposed to 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Mevagissey.