I am getting a mortgage offer from Lloyds. I would like to use a Licensed Conveyancer in Bow. Does the Lloyds Conveyancing panel exclude conveyancers regulated by the CLC?
The Lloyds conveyancing panel is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
My fiance and I intend to remortgage our flat in Bow with Nationwide. We have a son approaching twenty 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. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two questions (1) Is this document specific to the Nationwide conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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 am the registered owner of a freehold residence in Bow but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Bow and has limited impact for conveyancing in Bow but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Will our lawyer be asking questions regarding flooding as part of the conveyancing in Bow.
Flooding is a growing risk for conveyancers specialising in conveyancing in Bow. There are those who purchase a house in Bow, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or by their lawyers which should figure out the risks in Bow. The standard property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to find out whether the property has ever been flooded. In the event that flooding has previously occurred and is not notified by the vendor, then a purchaser could commence a legal claim for losses resulting from an inaccurate reply. The purchaser’s conveyancers should also order an enviro report. This will disclose if there is a recorded flood risk. If so, further inquiries will need to be carried out.
How do I use the search facility to select a conveyancing solicitor in Bow on the approved list for my bank?
1st choose a lender such as Accord Mortgages Ltd, Chelsea Building Society or Nottingham Building Society then type in your preferred area a common one being Bow. Conveyancing firms in Bow and beyond will then be listed.
We are midway through buying a property in Bow. Conveyancing solicitor has called to say the property is "Leasehold". Should this make a difference on our HSBC valuation?
Bow conveyancing does not in most situations involve leasehold houses. The key factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a nominal rent, it's essentially freehold, so it’s unlikely to impact the marketability too much.
At the other extreme, if it's, say, Sixty years it will have a adverse impact on the saleability, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease provided to your conveyancing practitioner.