My fiance and I are refinancing our maisonette in Salcombe with Bank of Ireland. We have a son 19 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have two concerns (1) Is this form unique to the Bank of Ireland conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Bank of Ireland 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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 is leasehold purchase conveyancing in Salcombe costs more?
The conveyancing fees on a leasehold premises in Salcombe is often higher than on a freehold transaction. This is due to the extra work necessary in communicating with the landlord and managing agents to obtain information about whether the rent and maintenance charges have been cleared and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
My brother-in-law has suggested I instruct a conveyancing solicitor in Salcombe. I need to find out whether they are accepted on the Britannia conveyancing panel. Could you help?
The first thing you should do is call your solicitor and ask them whether they can act for the lender. Alternatively please get in touch with Britannia who may be able to confirm.
2 months have elapsed following my purchase conveyancing in Salcombe concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. 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.
I am buying a new build house in Salcombe with a mortgage from Godiva Mortgages Ltd. The developers would not budge the price so I negotiated 6k of fixtures and fittings instead. The property agent told me not to tell my conveyancer about the deal as it may jeopardize my mortgage 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.
When it comes to my conveyancing in Salcombe should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Salcombe conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.