My partner and I intend to remortgage our penthouse in Binfield with Virgin Money. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 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 two questions (1) Is this form unique to the Virgin Money conveyancing panel as he did not need to sign this form when we bought 3 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 Virgin Money 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Binfield? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Binfield. However these days you can not proceed with any conveyancing deal if you have not handing over evidence of your identity. This usually takes the form of a either your passport or driving licence and a bank statement. Remember if you are providing your driving licence as evidence of identification it must be both the paper section and photo card part, one is not satisfactory in the absence of the other.
Verification of your source of funds is mandated in accordance with the Money Laundering Regulations. Don’t be offended when you are asked to produce this as your lawyer must have this information on file. Your Binfield conveyancing solicitor will require evidence of proof of funds before they are able to accept any funds from you into their client account and they should also ask further questions concerning the origin of funds.
When it comes to lenders such as Aldermore, do Binfield property lawyers have to pay a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Is it the case that all Binfield solicitors on the UBS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the UBS approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many lenders do list licenced conveyancers on their panel and in that case the firms would be overseen by the CLC.
We have a mortgage agreed in principle with Principality. Binfield conveyancing practitioners are chosen. How long does it take for Principality to send the offer to the solicitor?
Some lenders take longer than others. Have Principality conducted the valuation? Have you advised Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The estate agent has sent us the confirmation of our purchase of a new build flat in Binfield. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Binfield
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are surveyor prepared.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Binfield I like with a park and station nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Binfield for this price, 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 may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Are there any distinct advantages to instructing a high street conveyancing practitioner in Binfield
A significant proportion of house movers in Binfield opt for a local conveyancer so that they can visit if they have questions, and to collect paperwork without using the post.
One could argue that there is a distinct edge in selecting a lawyer local to the house you are planning to purchase, due to the familiarity of the region and potential local concerns - nevertheless this is moot. The majority of conveyancers conduct their work by way of email and could be any place in the world.