My fiance and I are refinancing our penthouse in Rayners Lane with TSB. 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, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) Does our son by signing this compromise his entitlement 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 TSB. This is solely used to protect TSB 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 TSB 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 is the first thing I need to know concerning purchase conveyancing in Rayners Lane?
Not many law firms shout this from the rooftops but conveyancing in Rayners Lane or throughout England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there exists plenty of opportunity for friction between you and others involved in the house moving process. For instance, the vendor, property agent and on occasion the lender. Selecting a law firm for your conveyancing in Rayners Lane an important selection as your conveyancer is your adviser, and is the ONE party in the transaction whose interest is to act in your legal interests and to protect you.
There is a worrying ongoing adversarial element to conveyancing- someone has to be at fault for the process taking so long. You should always trust your conveyancer above all other parties in the conveyancing process.
Do I need to have a meeting at the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Rayners Lane so that I can attend their offices when needed.
As opposed to 12 years ago, most mortgage companies no longer oblige their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to supply ID documents and there are still manifest benefits to using a locally based ayer, in your case a conveyancing solicitor in Rayners Lane.
five months have elapsed following my purchase conveyancing in Rayners Lane took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a quick, no chain conveyancing. Rayners Lane is the location of the property. Can you shed any light on this issue?
Flying freeholds in Rayners Lane are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rayners Lane you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rayners Lane may ascertain 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 premises.
What does commercial conveyancing in Rayners Lane cover?
Commercial conveyancing in Rayners Lane covers a wide array of guidance, supplied by qualified solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.