My husband and I swapping mortgage lender for our apartment in Yate with Coventry 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 flat is forfeited by the lender. I have two questions (1) Is this form unique to the Coventry BS conveyancing panel as he did not need 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 Coventry BS 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 Coventry BS. This is solely used to protect Coventry 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 Coventry 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.
I have a decision in principle. The lender mentioned the loan came with free conveyancing. Does this mean I have to use their panel conveyancer as I would much rather instruct a specialised conveyancing solicitor in Yate?
Do check but the the likelihood is that give you one of their panel solicitors where you want the "fee-free" incentive. Contact the mortgage company and ask if they offer you a cash alternative. Some lenders have previously offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Yate.
I'm purchasing a new build house in Yate benefiting from help to buy. The developers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not to tell my conveyancer about this deal as it will put at risk my loan with The Mortgage Works. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Yate prior to appointing conveyancers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies may refuse to issue a loan on this type of house.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Yate. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I use a Yate conveyancing lawyer in close proximity to the house I am hoping to buy? We have a good friend who can execute the conveyancing but her office is 400miles drive away.
The benefit of a high street Yate conveyancing firm is that you can visit the firm to sign documents, deliver your ID and apply pressure on them where appropriate. They will also have local insight which is a plus. However it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and the majority were content that must trump using an unknown Yate conveyancing lawyer just because they are local.
Our lawyer in Yate has uncovered a a legal deficiency with the lease for the property we are purchasing in Yate. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.