My fiance and I intend to remortgage our maisonette in Cornwall with Lloyds. We have a son approaching twenty 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 forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Lloyds conveyancing panel as he never had to sign this form when we bought 3 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 Lloyds 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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 partner and I have arranged a further advance on our mortgage from Aldermore as we intend to conduct improvements to our property in Cornwall. Are we obliged to select a local Cornwall solicitor on the Aldermore conveyancing panel to handle the legals?
Aldermore would not normally instruct a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore list.
Two weeks ago we had a mortgage agreed in principle with RBS. Cornwall conveyancing lawyers were chosen. What is the average time that one could expect to receive a mortgage offer from RBS?
There is no definitive answer here. Have RBS conducted the valuation? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am due to exchange contracts on my flat. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Yorkshire BS are being problematic. The Cornwall solicitor who is on the Yorkshire BS conveyancing panel is recommending indemnity insurance as a solution but Yorkshire BS are requiring a building regulation certificate. Why do Yorkshire BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Yorkshire BS have referred the matter to their valuer. The reason why Yorkshire BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
The deeds to my property are lost. The conveyancers who did the conveyancing in Cornwall 4 years ago no longer exist. What are my next steps?
These day there are duplicates made of almost everything, and your lawyer will know precisely where to locate all the appropriate documentation so you may buy or dispose of your property without any difficulty. If duplicates can’t be found, your lawyer may be able to arrange cover in the form of insurance or indemnities against possible claims on the property.
How does conveyancing in Cornwall differ for new build properties?
Most buyers of new build premises in Cornwall contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Cornwall typically buy the site, 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 used to new build conveyancing in Cornwall or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and identified one close by in Cornwall I like with amenity areas and railway links nearby, however it only has 61 years unexpired on the lease. There is not much else in Cornwall suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I was advised by a number of property agents in Cornwall to get a quote from a solicitor on your site. Is there a financial advantage for Estate Agents to market your site ahead of a competitor’s?
We don’t give any financial incentive for directing people to this site. We found it would be just too difficult to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.