Unfortunately I am unable to travel far from Copthorne. What is the rationale as to why all Copthorne lawyers are not on all lender panels?
Even though it may seem unfair for banks to restrict who can act for them, from the public’s or lawyer’s point of view, the other side of the coin is that mortgage companies are becoming ever more anxious and regard it vital to protect them against illegal activities. As a result of this concern banks have restricted their conveyancing panel to a manageable size.
My fiance and I are refinancing our maisonette in Copthorne with TSB. We have a son 19 who lives at home. Our solicitor requested us to identify any adults 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 apartment is repossessed. I have two questions (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights 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 TSB. This is solely used to protect TSB 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 TSB 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.
Are the BSA planning on creating a search tool with a view to to identify solicitors on the Earl Shilton BS conveyancing panel for example in Copthorne?
Lexsure has not been advised of any intention on the part of the BSA to promote such a register.
It has been 2 months since my purchase conveyancing in Copthorne concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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 property 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 purchasing my first flat in Copthorne with the aid of help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not inform my lawyer about the extras as it could impact my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey carried out on a property in Copthorne ahead of retaining solicitors. I have been informed that there is a flying freehold element to the property. The surveyor advised that some lenders tend not issue a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Copthorne. Conveyancing will be smoother if you use a solicitor in Copthorne especially if they are acquainted with such properties in Copthorne.