My fiance and I intend to remortgage our penthouse in Cannock with Nationwide. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form 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 document specific to the Nationwide conveyancing panel as he did not need to sign this form when we bought 5 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
Finally the sale completed on my house in Cannock last February yet the purchaser is telephoning every few hours to say their solicitor is waiting to hear from mysolicitor. What should have happened now that I have sold?
After completion of your house sale your solicitor should deliver the transfer deeds and all supplemental paperwork to the buyer’s lawyers. If applicable, your lawyer must also confirm that the legal charge in favour of the lender has been redeemed to the buyers solicitors. There are no post completion requirements peculiar conveyancing in Cannock.
What does a local search inform me regarding the house I am buying in Cannock?
Cannock conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search organisations such as Onsearch The local search plays an important part in most Cannock conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
How does conveyancing in Cannock differ for newly converted properties?
Most buyers of new build residence in Cannock approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Cannock tend to acquire the land, 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 conveyancers 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 accustomed to new build conveyancing in Cannock or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Cannock prior to retaining solicitors. I have been advised that there is a flying freehold element to the property. The surveyor has said that some lenders will not give a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. If you e-mail us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Cannock. Conveyancing will be smoother if you use a solicitor in Cannock especially if they are accustomed to such properties in Cannock.
I'm refinancing my primary home to a BTL loan with HSBC Bank and I will use the ballance of the raised equity as a down payment on further property. The area we are looking at is Cannock. Will your lawyers be able to act for the two mortgage companies and link together the transactions?
Make use of our search tool on this page to be sure that the lawyers are on the relevant lender panels. On the basis that they are your solicitor will be able to tie up the two conveyancing matters but you should talk with you lawyer and specify your desired outcome and requirements.