My fiance and I are refinancing our flat in Axbridge with Skipton. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have two questions (1) Is this document specific to the Skipton conveyancing panel as he did not need to sign this form when we bought 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 Skipton 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
My conveyancer has informed me that flying freehold insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Axbridge?
The appropriate level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
is it true that all Axbridge solicitors on the Barclays conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be overseen by the SRA. Many mortgage companies do list licenced conveyancers on their panel in which case such organisation would be regulated by the Council of Licensed Conveyancers.
I have a mortgage with Yorkshire BS for my property in Axbridge. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Your original mortgage agreement with Yorkshire BS will provide that you need their approval prior to letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel firm.
I am purchasing a new build house in Axbridge benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not to tell my lawyer about this side-deal as it will adversely affect my mortgage with the bank. 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Axbridge is the location of the property. Can you shed any light on this issue?
Flying freeholds in Axbridge are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Axbridge you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Axbridge may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I'm converting the mortgage on my existing house to a buy to let mortgage with Nottingham Building Society and intend to use the remaining equity as a down payment on another house. The area we are looking at is Axbridge. Will your solicitors be able to act for both sets of lenders and tie in the two deals?
Make use of our comparison tool on this page to be sure that the conveyancers are approved by both lenders. Having checked that they are your solicitor should be able to connect the two conveyancing matters but you should talk with you lawyer and communicate your expectations and needs.
I am a fortnight into a freehold purchase having been recommend to conveyancers by the estate agent to perform conveyancing in Axbridge. I am am extremely disappointed with the quality of service. Can you help me find new solicitors?
A lawyer would need to be very bad in order to consider diss instructing them. Has the mortgage offer been sent? In the event that it has you need to inform them of the replacement conveyancer and ensure the mortgage documents are re-issued. The conveyancer needs to be on the banks panel to avoid supplemental charges and frustration. So that should be your first question of the new conveyancers. The find a solicitor tool can help you find a lender approved solicitor for your conveyancing in Axbridge