My partner and I changing mortgage lender for our flat in Caersws with UBS. We have a son 18 who lives with us. 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 property is forfeited by the lender. I have two questions (1) Is this form unique to the UBS conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your UBS 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 UBS. This is solely used to protect UBS 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 UBS 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 uncle passed away six months ago and as sole heir and executor I was left the house in Caersws. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this allowed?
Where you plan to refinance then Principality will insist on your using a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.
My bid for a property was accepted at auction in Caersws. Conveyancing is necessary. What happens now?
Now that you are exchanged you now have to find a conveyancing practitioner quickly as you now have a tight a fixed date to complete the purchase. An auction property will ordinarily have a corresponding legal set of papers. This should include evidence of title and search results. Where you are dealing with leasehold property the auction papers may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You must pass this on to your appointed conveyancing solicitor ASAP. You also need to ensure that your finances are in order to complete the transaction on the set completion date.
Can you help - my lawyer says that chancel insurance is necessary on my purchase. What is the level of cover for Caersws conveyancing?
The right level of chancel indemnity insurance should be dictated by who your lender. It would differ for example between Barclays and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such policies.
The mortgage over my property is with Barclays for my property in Caersws. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
Your original mortgage agreement with Barclays will provide that you need their approval in advance of renting your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel lawyer.
I require quick conveyancing in Caersws as I am faced with pressure to exchange contracts within one month. Luckily I do not need a mortgage. Is it possible to decline from having conveyancing searches to save money and time?
If.Given you are not getting a mortgage you are at free not to do searches although no solicitor would recommend that you don't. Drawing on our experience of conveyancing in Caersws the following are examples of what can appear and therefore impact future mortgageability: Enforcement Actions, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
I was advised by a few estate agents in Caersws to select a solicitor on your site. What’s the financial incentive for Estate Agents to promote your lawyers over and above a competitor’s?
We refuse to make any commission for sending work our way. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am 3 weeks into a residential purchase having been directed to conveyancers by the estate agent to perform conveyancing in Caersws. I am not happy. Could you you assist me in finding new conveyancers?
They would need to be really poor to suggest replacing them. Has the mortgage offer been sent? In the event that it has you will need to advise them of the replacement solicitor and get the mortgage documents are re-issued. Your solicitor ideally should be on the banks approved list to avoid escalating expenses and frustration. So that should be your starting point. Our search tool can assist you in finding a lender approved conveyancer for your home move in Caersws