My fiance and I swapping mortgage lender for our maisonette in Cambourne with Yorkshire BS. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two questions (1) Is this document specific to the Yorkshire BS conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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.
Can you clarify what the consequences are if my lawyer’s firm is removed from the RBS Solicitor panel ahead of completing my conveyancing in Cambourne?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I acquired my house on 12 November and the transaction details is yet to be registered. Should I be concerned? My conveyancing solicitor in Cambourne advises it will be registered in a couple of weeks. Are titles in Cambourne uniquely lengthy to register?
As far as conveyancing in Cambourne is concerned, registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timescales can adjust according to the party submitting the application, whether there are errors and whether the Land registry must send notices to any interested persons or bodies. As of today roughly 80% of such applications are fully dealt with in less than three weeks but some can be subject to extensive hold-ups. Registration is effected after the purchaser has moved in to the property so registration formalities is not typically top priority but if it is urgent that the the registration takes place urgently then you or your lawyers should speak with the land registry and explain the circumstances.
How does conveyancing in Cambourne differ for new build properties?
Most buyers of new build residence in Cambourne contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because house builders in Cambourne usually buy the real estate, 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 used to new build conveyancing in Cambourne or who has acted in the same development.
I opted to have a survey completed on a property in Cambourne prior to instructing solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies may not give a loan on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. If you call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cambourne. Conveyancing may be slightly more expensive based on your lender's requirements.
How can the Landlord & Tenant Act 1954 impact my business offices in Cambourne and how can your lawyers assist?
The particular law that you refer to provides security of tenure to business tenants, granting the legal entitlement to apply to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Cambourne is one of the numerous locations in which the firms we work with have offices