My wife and I intend to remortgage our maisonette in Woolacombe with Lloyds. We have a son 19 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. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Lloyds conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Lloyds 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 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.
Do lawyers request money on account for my conveyancing in Woolacombe?
Where you are retaining lawyers for conveyancing in Woolacombe your solicitor will request that you place them with monies to cover the the cost of the conveyancing searches. Normally this is requested to cover the fees of the Local Authority Search. When the down payment is payable against the purchase price then this will be asked for immediately before exchange of contracts. Any further balance that is due should be sent to your lawyer a couple of days ahead of the day of completion.
I have Fifty Six years unexpired on my lease and require a lease extension for my flat in Woolacombe. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 21/2/2021 the requirements read as follows :
I have recentlybeen informed that Arc property Solicitors have been shut down. They carried out my conveyancing in Woolacombe for a purchase of a leasehold flat 12 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The easiest way to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Woolacombe conveyancing specialists.
I'm buying a new build house in Woolacombe with a loan from Birmingham Midshires. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The property agent told me not inform my lawyer about the extras as it will affect my loan with Birmingham Midshires. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
In my capacity as executor for the estate of my grandfather I am disposing of a property in Swansea but I am based in Woolacombe. My solicitor (who is 250 kilometers awayrequires that I execute a statutory declaration before the transaction finalising. Could you suggest a conveyancing practitioner in Woolacombe who can witness and place their company stamp on the document?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are based in Woolacombe