My fiance and I swapping mortgage lender for our flat in St Mawes with Lloyds. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 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 property is repossessed. I have a couple of concerns (1) Is this document specific to the Lloyds conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
Is there a list of Yorkshire BS panel conveyancers in St Mawes on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few lending institutions make their panel listings viewable online. If you are seeking to appoint a St Mawes conveyancer on the Yorkshire BS please make the most of our tool.
is it true that all St Mawes solicitor firms on the RBS conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the RBS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some lenders do list licenced conveyancers on their panel and in that case the firms would be regulated by the Council of Licensed Conveyancers.
Two weeks ago we had a mortgage agreed in principle with Santander. St Mawes conveyancing solicitors were chosen. How long does it take for Santander to send the offer to the lawyer?
Some lenders take longer than others. Have Santander completed the valuation? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am buying a new build house in St Mawes with a mortgage from Coventry Building Society. The developers refused to budge the amount so I negotiated 6k of additionals instead. The property agent told me not to tell my conveyancer about this side-deal as it may adversely affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I opted to have a survey carried out on a property in St Mawes prior to appointing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some lenders will refuse to issue a loan on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in St Mawes. Conveyancing will be smoother if you use a solicitor in St Mawes especially if they are accustomed to such properties in St Mawes.
I am attracted to a couple of maisonettes in St Mawes which have approximately forty five years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena.
I acquired a basement flat in St Mawes, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in St Mawes with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ends on 21st October 2084
You have 61 years remaining on your lease the likely cost is going to be between £19,000 and £22,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I am buying a house with all finances in place. I have provided conveyancer with 2 distinct proof of photo ID, bank statement, numerous utility bills. Now he wants a copy from a probate lawyer advising that the funds are in place and that it has come from inheritance and not dealing E's in Ibiza.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your St Mawes conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.