My partner and I are refinancing our maisonette in St Neots with HSBC. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have two questions (1) Is this document specific to the HSBC conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your HSBC 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
Are the St Neots conveyancing solicitors identified as being on the Co-operative conveyancing panel, together with their details provided by Co-operative?
St Neots conveyancing firms themselves provide us confirmation that they are on the Co-operative conveyancing panel as opposed to being supplied with a list from Co-operative directly.
Can you clarify what the consequences are if my solicitor is suspended from the Nottingham Conveyancing panel ahead of completing my conveyancing in St Neots?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We are due to move house in September. Does my conveyancing solicitor communicate with the removal company on the completion day. As an aside, can you recommend a removal company in St Neots. Conveyancing lawyer was chosen before I stumbled across this website.
On the day of completion you can pick up the keys from the property agent however this should only take place after the vendors conveyancers inform the agent that the monies to complete are in and the keys can be released. After that you can tell the removal men that they can start moving you in. We are not in a position to recommend a particular removal company but can help you choose a residential property solicitor in St Neots or a solicitor that specialises in conveyancing in St Neots.
I currently have a mortgage with Co-operative for my property in St Neots. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
Your original mortgage agreement with Co-operative will provide that you need their approval before renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. You need not do this via a Co-operative conveyancing panel firm.
I have finally had an offer on an apartment in St Neots accepted, the sellers do nevertheless have a tied purchase. The owners have put an offer on a property, however it’s not yet agreed to, and have viewings of other apartments booked. I have selected a high street conveyancing solicitor in St Neots. What do I do now? When do I get the mortgage application with Co-operative started?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then valuation, St Neots conveyancing search charges, etc). First, you must check that your conveyancing practitioner is on the Co-operative approved list. As to the subsequent phase this very much depends on the circumstances of your transaction, attraction to this property and on the state of the market. During a hot market the majority of buyers will apply for the mortgage with Co-operative and pay for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to move forward with searches.
I am looking for a leasehold apartment up to £235,500 and identified one near me in St Neots I like with amenity areas and transport links in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in St Neots suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
Is it possible to swap solicitor as I have to choose one who is on the TSB conveyancing list. I hired a high street conveyancing solicitor in St Neots five minutes from me but the firm is not approved by TSB
It would be our pleasure to assist you select a conveyancing solicitor in St Neots on the TSB panel. Please note that the conveyancers that we on the directory do not pay us fee if you instruct them and are under regulation of the SRA who regulate all conveyancing solicitors in St Neots. In utilising the find a conveyancing solicitor tool on this page, you can contrast fees for conveyancing solicitors in St Neots and beyond.