My partner and I are refinancing our flat in Alexandra Park with Yorkshire BS. We have a son 19 who lives at home. Our solicitor requested us to identify 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 a couple of questions (1) Is this form unique to the Yorkshire 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 Yorkshire 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 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.
I have a decision in principle. The bank mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel solicitor as I would much rather appoint a local conveyancing solicitor in Alexandra Park?
You should check but the the likelihood is that appoint one of their panel lawyers where you accept the "fee-free" incentive. Contact the mortgage company and determine if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Alexandra Park.
four months have gone by following my purchase conveyancing in Alexandra Park completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £235,500 and found one round the corner in Alexandra Park I like with a park and station in the vicinity, however it only has 61 years on the lease. There is not much else in Alexandra Park suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
My cousin has urged me to instruct his conveyancing solicitors in Alexandra Park. Should I use them?
Much as we are happy to recommend a Alexandra Park conveyancing lawyer the best way to select a conveyancing solicitor is to have recommendations from friends or family who have actually used the solicitor you're considering.
What is the reason for my conveyancing practitioner requiring numerous items of identification before they can proceed with selling or purchasing a property in Alexandra Park?
Alexandra Park lawyers are duty bound by the Law Society, SRA, the Land Registry and current Money Laundering Regulations to certify that the have verified the identity of their clients. It will also be a requirement of your bank where you are taking a mortgage. In addition they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, national insurance number and DOB.