My partner and I are hoping to acquire a house in Shortlands and have instructed a Shortlands conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Platform Home Loans Ltd have this morning contacted us to advise us that they have now hit a problem as our Shortlands lawyer is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. 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 Accreditation Scheme. Your property lawyer should contact your lender 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 lender’s conveyancing panel and you may continue to use your own Shortlands solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My wife and I swapping mortgage lender for our maisonette in Shortlands with Principality. We have a son 19 who lives with us. Our solicitor requested us to identify 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 apartment is repossessed. I have two concerns (1) Is this document specific to the Principality conveyancing panel as he did not need to sign this form when we purchased 5 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 Principality 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 Principality. This is solely used to protect Principality 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 Principality 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'm buying my first flat in Shortlands benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not to tell my lawyer about the extras as it will adversely affect my loan with the bank. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a quick, no chain conveyancing. Shortlands is where the house is located. What do you suggest?
Flying freeholds in Shortlands are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shortlands you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shortlands 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.
In my capacity as executor for the will of my aunt I am selling a house in Neath but live in Shortlands. My lawyer (who is 260 kilometers awayhas requested that I execute a stat dec before completion. Can you recommend a conveyancing solicitor in Shortlands who can witness this legal document for me?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are Shortlands based
I am hoping to sign contracts shortly on a studio apartment in Shortlands. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Shortlands should include some of the following:
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Ground rent - what is due and when is collected, and also know whether this is subject to change You would want to receive a copy of the lease The total extent of the demise. This may be the property itself but could also incorporate a roof space or storage are if appropriate. What the implications are if you breach a clause of your lease? Whether the lease restricts you from letting out the flat, or having a home office for business
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Shortlands. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Shortlands flat is Ravensbourne Lodge 4 Highland Road in February 2013. the Tribunal held that the amount payable for the freehold was £22,268