My husband and I are refinancing our maisonette in Tufnell Park with Yorkshire BS. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 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 apartment is forfeited by the lender. I have two questions (1) Is this form unique to the Yorkshire BS conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this compromise 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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.
Do all mortgage companies provide you with an approved list of Tufnell Park conveyancing solicitors? How do you know who is on the Co-operative conveyancing panel?
Tufnell Park 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.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Tufnell Park. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 9/6/2019, the requirements read as follows :
I'm the single recipient of my late grandmother’s estate and I have everything in my name alone, including the my former home in Tufnell Park. The Tufnell Park property was put into my name in May. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the house in May. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How practical a view mortgage companies take of it, depend on the lender as this obligation is primarily there to capture subsales or the wholesaling and assigning of property.
Can I be sure that the Tufnell Park conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Tufnell Park seeking recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer handling your transaction.
I am purchasing a property in Tufnell Park. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nationwide be concerned?
Given that your lender is Nationwide your lawyer must check the conveyancing instructions contained in Part 2 of UK Finance Lenders’ Handbook for Nationwide. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Nationwide where a lease fails to comply with these provisions. The provisions relate to the installation of panels on properties in England and Wales and is not limited to Tufnell Park.
Hoping to buy a property located in Tufnell Park and I am already nervous. I couldn't find anything specific about Tufnell Park. Conveyancing will be needed in due course but do you know about the Tufnell Park area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Tufnell Park. In the meantime here are some basic statistics that we found
My wife and I are selling a Tufnell Park property we inherited seven years ago in 2011. I have over a decades worth of conveyancing experience and, now retired, see no reason not to do the conveyancing. The buyer's solicitor has informed me that their bank will not allow you to do your own conveyancing as they require the funds to be passed via a solicitor's bank account.
Mortgage instructions to solicitors from all CML members state that If the seller is not legally represented the purchaser’s lawyers should check whether the bank needs to be informed so that a decision can be made as to whether they are prepared to progress.