My fiance and I swapping mortgage lender for our apartment in Penryn with Leeds Building Society. We have a son 18 who lives at home. Our solicitor requested us to identify anyone over the age of 17 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 property is forfeited by the lender. I have two concerns (1) Is this document specific to the Leeds Building Society conveyancing panel as he did not need to sign this form when we purchased 3 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 Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
I am buying a house and need a conveyancing solicitor in Penryn who is on the Virgin Money conveyancing. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Virgin Money in certain locations such as Penryn. We dont recommend any particular firm.
The mortgage over my property is with Bank of Ireland for my property in Penryn. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
You must advise Bank of Ireland prior to letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel solicitor.
The formalities of my purchase has taken place for my property in Penryn. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Kent Reliance have agreed my mortgage in principle, my bid on a house in Penryn has been accepted, now what?
The estate agent will need to be advised as to your conveyancer's details (be sure the conveyancers are on the bank’s approved list). Contact Kent Reliance or your broker and finalise any outstanding forms. Kent Reliance will instruct a valuer who will get in contact with the selling agent or seller to book an appointment. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Kent Reliance will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Penryn.
I opted to have a survey done on a house in Penryn before instructing lawyers. I have been told that there is a flying freehold element to the property. My surveyor has said that some mortgage companies tend refuse to grant a mortgage on such a property.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Penryn. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Penryn. I happened to chance upon a site which seems to have the perfect answer If there is a chance to get all formalities completed via email that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I have selected a Penryn conveyancing solicitor for our house purchase (novice purchasers) and have noticed in the Ts and Cs that they are not governed by the FCA. Am I right to be concerned or is that the norm with property lawyer?
We can't see why they should be. Most conveyancing practitioner don't lend money. You should check that they are governed by the SRA, who have strict stipulations in place on amounts deposited by them.