My fiance and I are refinancing our apartment in Bracebridge Heath with RBS. 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 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 property is repossessed. I have a couple of questions (1) Is this document specific to the RBS conveyancing panel as he did not need to sign this form when we purchased 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 RBS 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 RBS. This is solely used to protect RBS 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 RBS 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.
Completed the sale of my flat in Bracebridge Heath last August but my buyer keeps texting me complaining that their solicitor is waiting to hear from mine. What should my lawyer have done now that I have sold?
After completion of your disposal your lawyer is obliged to deliver the transfer deeds and all additional paperwork to the buyer’s conveyancer. Where appropriate, your conveyancer should also send confirmation that the legal charge in favour of the lender has been redeemed to the purchasers conveyancers. There are no post completion requirements just for conveyancing in Bracebridge Heath.
My flat in Bracebridge Heath is up for sale and I have accepted an offer. Does the solicitor have to be required to be on the RBS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
I purchased my apartment on 2 May and the transaction details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Bracebridge Heath advises it will be concluded in less than a month. Are properties in Bracebridge Heath uniquely lengthy to register?
There is nothing unique about conveyancing in Bracebridge Heath registration formalities. As opposed to being determined by geographic area, timescales can vary depending on who lodges the application, whether there are errors and whether the Land registry communicate with any 3rd persons or bodies. As of today approximately 80% of such applications are fully dealt with in less than three weeks but occasionally there can be extensive hold-ups. Registration takes place after the new owner has moved in to the property therefore 'speed' is not always top priority yet if there is a degree of urgency associated with the registration then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Bracebridge Heath differ for newly converted properties?
Most buyers of new build residence in Bracebridge Heath come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Bracebridge Heath typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bracebridge Heath or who has acted in the same development.
Developers have recommended to me a solicitor and I've received a quote from them. They are almost three hundred pounds less expensive than my local Bracebridge Heath solicitor. What's the catch?
Developers often have lists of lawyers who expedite matters and who know the builder's paperwork and lawyer. As many developers offer an incentive to select their approved solicitor for this reason, any increased fees can be avoided and a builder won't put forward a conveyancing factory and run the risk of having the conveyancing stall when they need an exchange inside a month. The argument for not opting for the suggested property lawyer is that they may be reluctant to 'push' your interests for fear of upsetting the sellers. Where you have concerns that this may be the case you should keep with your high street Bracebridge Heath conveyancer.