My partner and I intend to remortgage our apartment in South Norwood with Leeds Building Society. We have a son 18 who lives with us. Our solicitor requested us to identify any adults 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 property is forfeited by the lender. I have two questions (1) Is this document specific to the Leeds Building Society conveyancing panel as he never had to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right 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 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 have an AIP. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel solicitor as I would much rather instruct a local conveyancing solicitor in South Norwood?
You should check but the chances are that appoint one of their panel conveyancers should you accept the "fee-free" deal. Speak to the lender to ask if they allow a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor in South Norwood.
There is lots of information on this site about conveyancing in South Norwood but can you isolate your top tip for choosing the right conveyancer in South Norwood
We would encourage you not to base your choice on the lowest South Norwood conveyancing fees. You really do get what you pay for when it comes to property lawyers. 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.
This question may be naive but I am wet behind the ears as a first time buyer of a two bedroom flat in South Norwood. Do I pick up the keys to the property on the completion date from my solicitor? If this is the case, I will find a High Street conveyancing solicitor in South Norwood?
On the day of completion you will not be required to attend the conveyancers office in South Norwood. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s solicitors, and shortly after the monies have arrived, you should be able to collect the keys from the Estate Agents and move into your new home. Usually this happens between 1 and 3pm.
Can you help - my lawyer says that lack of right of way insurance is required on my purchase. What is the typical level of cover needed for conveyancing in South Norwood?
The appropriate level of lack of right of way indemnity insurance depends on your lender. It would differ for example between Barclays and Leeds Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a quick, chain free conveyancing. South Norwood is the location of the property. Can you offer any opinion?
Flying freeholds in South Norwood are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside South Norwood 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 South Norwood may determine 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 residence.
What does commercial conveyancing in South Norwood cover?
South Norwood conveyancing for business premises incorporates a wide array of services, supplied by regulated solicitors, relating to business property. For example, 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.
At what stage do I pay the Stamp Duty Land Tax payable for my conveyancing in South Norwood?
The property lawyer will fill out a stamp duty return on your behalf during your South Norwood conveyancing transaction for signature. After completion your solicitor will submit the Land Transaction Return Form to the Inland Revenue and - as long as they have the funds - discharge any Stamp Duty liability for you.