My partner and I are refinancing our penthouse in Stoke Gifford with Bank of Ireland. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 flat is repossessed. I have a couple of concerns (1) Is this document specific to the Bank of Ireland conveyancing panel as he never had to sign this form when we remortgaged 4 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.
What does my ID and proof of funds have anything to do with my conveyancing in Stoke Gifford? Why is this being asked of me?
Stoke Gifford conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no older than three months).
Proof of the origin of monies is also necessary in accordance with the money laundering laws as conveyancers are mandated to check that the monies you are using to purchase a property (be it the exchange deposit or the total purchase monies where you are buying without a mortgage) has come from an acceptable source (such as employment savings) as opposed to the product of criminal behaviour.
We're in Stoke Gifford, FTBs purchasing with a mortgage (lender is Coventry BS , and our lawyer is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I used Wolstenholmes several years past for my conveyancing in Stoke Gifford. Now, I need my files but cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Stoke Gifford of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Stoke Gifford differ for new build properties?
Most buyers of new build property in Stoke Gifford contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Stoke Gifford tend to buy the real estate, 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 Stoke Gifford or who has acted in the same development.
Our solicitor in Stoke Gifford has uncovered a a problem with the lease for the flat we are buying in Stoke Gifford. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the bank?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Stoke Gifford conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. These conveyancing instructions have to be complied with by the lender conveyancing panel who has to balance acting for you and the mortgage company