My fiance and I changing mortgage lender for our penthouse in Scunthorpe with Bank of Ireland. 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. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this compromise his rights 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.
My Solicitor in Scunthorpe is not listed on the HSBC Bank Approved Panel. Can I still continue with my prefered solicitor even though they are excluded from the HSBC Bank panel?
The limited options available to you here include:
- Carry on with your existing Scunthorpe solicitors but HSBC Bank will need to use a conveyancer on their panel. This will inevitably rack up the total conveyancing fees as well as result in frustration.
- Choose a new practitioner to act in the conveyancing, not forgetting to check they are HSBC Bank approved.
- Try to convince your HSBC Bank solicitor to attempt to join the HSBC Bank panel
Me and my partner are buying a property in Scunthorpe. I might seem paranoid but how we can trust a solicitor? On completion day we will need to send money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
If you had a top tip for selecting a conveyancing solicitor in Scunthorpe what would it be?
We would encourage you not to go for the cheapest Scunthorpe conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I am the sole recipient of my late grandmother’s will and I have everything in my name now, including the my former home in Scunthorpe. Conveyancing formalities meant that the Land Registry date was in December. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my proprietorship may be considered the same way as though I had purchased the house in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view mortgage companies take of it, depend on the mortgage company as this clause is chiefly there to capture subsales or the flipping of properties.
How does conveyancing in Scunthorpe differ for new build properties?
Most buyers of new build or newly converted property in Scunthorpe come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Scunthorpe tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Scunthorpe or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Scunthorpe is where the house is located. Is there any advice you can impart?
Flying freeholds in Scunthorpe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Scunthorpe you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Scunthorpe 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 property.
Are there any apps to help locate a Scunthorpe law firm on the Lloyds TSB Bank conveyancing panel? I have wheels and am happy to travel upto 25miles to meet the conveyancer.
Feel free to make use of the facility on this page. Please pick a mortgage company and your location and you will see a number of Scunthorpe conveyancing lawyers locally. We have listed some Scunthorpe conveyancing firms at the bottom of this page and you can call them to verify whether they are on the Lloyds TSB Bank panel