My partner and I are refinancing our flat in Builth Wells with Kent Reliance. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Kent Reliance conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this extinguish 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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 wife and I have recently appointed a conveyancing solicitor in Builth Wells. I I am struggling to find out if they are accepted on the Barclays conveyancing panel. Could you advise?
The first thing you should do is contact your solicitor and ask them if they are on the lender panel. Otherwise you should call Barclays who may be able to assist.
It has been 3 months following my purchase conveyancing in Builth Wells completed. I have checked the Land Registry site which shows that I paid £150,000 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 asset 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 buying a new build house in Builth Wells with the aid of help to buy. The developers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my conveyancer about this extras as it may jeopardize my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Builth Wells is where the house is located. Can you shed any light on this issue?
Flying freeholds in Builth Wells are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Builth Wells you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Builth Wells may determine 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.
Should I use a Builth Wells conveyancing lawyer who is local to the property I am purchasing? An old friend can perform the legal work however her office is over three hundred miles drive away.
The benefit of a local Builth Wells conveyancing practice is that you can visit the firm to sign paperwork, deliver your identification documents and apply pressure on them if necessary. They will also have local intelligence which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and in the main were impressed that must outweigh using an unknown Builth Wells conveyancing solicitor just because they are based in the area.