My wife and I intend to remortgage our flat in Burnt Oak with Leeds Building Society. 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 reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this form unique to the Leeds Building Society conveyancing panel as he never had to sign this form when we remortgaged 4 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 Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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 house in Burnt Oak is up for sale and I have a buyer. Does the solicitor have to be on the Barclays conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Barclays 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 at the moment.
Should our solicitor be raising enquiries regarding flooding during the conveyancing in Burnt Oak.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Burnt Oak. Plenty of people will buy a property in Burnt Oak, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a numerous searches that may be undertaken by the buyer or by their lawyers which will give them a better understanding of the risks in Burnt Oak. The standard information supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to discover if the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer could bring a compensation claim as a result of such an inaccurate response. The purchaser’s solicitors should also commission an environmental report. This will disclose whether there is a recorded flood risk. If so, further inquiries will need to be carried out.
three months have elapsed following my purchase conveyancing in Burnt Oak took place. I have checked the Land Registry site which shows that I paid £200,000 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 residence 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 existing home to a BTL mortgage with Barclays and intend to use the remaining equity as a down payment on a second property. The area we are talking about is Burnt Oak. Will your lawyers be able to act for the two mortgage companies and link together the conveyances?
Make use of our comparison tool on this site to ensure that the lawyers are on the relevant lender panels. Assuming that they are your conveyancer should be able to connect the two conveyancing matters but you should have a chat with you solicitor and specify your expectations and requirements.
I am 18 days into a freehold purchase having been directed to solicitors by the selling agent to execute conveyancing in Burnt Oak. I am am very frustrated with the quality of service. Could you help me find new lawyers?
A conveyancer would need to be really bad in order to consider changing them. Has your loan offer been issued? In the event that it has you must advise them of the replacement solicitor and get the offer are re-issued. Your conveyancer should be on the mortgage company approved list to avoid supplemental expenses and frustration. So that should be your starting point. Our find a solicitor tool can help you find a lender approved lawyer for your home move in Burnt Oak