My wife and I swapping mortgage lender for our flat in Burnt Oak with Bank of Ireland. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. 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 document specific to the Bank of Ireland conveyancing panel as he did not need to sign this form when we remortgaged 3 years ago (2) Does our son by signing this extinguish his entitlement 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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 flat in Burnt Oak is up for sale and I have accepted an offer. Will the solicitor need to be required to be on the TSB conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the TSB 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 conditions fairly frequently currently.
Should our lawyer be making enquiries regarding flooding as part of the conveyancing in Burnt Oak.
Flooding is a growing risk for lawyers conducting conveyancing in Burnt Oak. Plenty of people will acquire a property in Burnt Oak, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, but there are a number of checks that can be carried out by the purchaser or by their solicitors which can give them a better understanding of the risks in Burnt Oak. The conventional set of property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to find out whether the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the seller, then a buyer may commence a claim for damages as a result of such an misleading answer. The purchaser’s conveyancers may also carry out an environmental report. This should higlight whether there is any known flood risk. If so, additional investigations should be initiated.
It has been three months since my purchase conveyancing in Burnt Oak concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 premises 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'm remortgaging my current home to a BTL mortgage with Alliance & Leicester and I will use the ballance of the raised equity as a down payment on further property. The location we are looking at is Burnt Oak. Will your solicitors be able to act for both sets of mortgage companies and link together the transactions?
Make use of our search tool on this page to be sure that the solicitors are approved by both lenders. Assuming that they are your lawyer will be able to connect the two transactions but you should talk with you conveyancer and communicate your expectations and needs.
My husband and I are a fortnight into a residential purchase having been directed to conveyancers by the high street agent to execute conveyancing in Burnt Oak. I am am very dissatisfied with the level of service. Could you you assist me in finding new lawyers?
They would need to be really poor to suggest diss instructing them. Has your mortgage been issued? If so you must advise them of the new conveyancer and have the offer are re-issued. The conveyancer should be on the lenders approved list to avoid added costs and complications. That should be your starting point. The find a solicitor tool will assist you in finding a lender approved conveyancer for your home move in Burnt Oak