My fiance and I swapping mortgage lender for our apartment in Duston with Lloyds. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Lloyds conveyancing panel as he never had 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 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.
It is 10 years ago since I bought my property in Duston. Conveyancing solicitors have now been instructed on the sale but I am unable to find my title deeds. Will this cause complications?
You need not be too concerned. First there is a chance that the deeds will be retained by the mortgage company or they may be in the possession of the solicitor who handled your purchase. Secondly the likelihood is that the title will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Duston involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is not insurmountable.
I had intended to instruct a conveyancing solicitor in Duston for our home move. Our financial adviser has since notified us that our bank Norwich and Peterborough Building Society won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies ordinarily imposes restrictions either the category or the number of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the profile of firm, a few lenders have reduced the amount of firms they permit to represent them. Be aware that Norwich and Peterborough Building Society have no responsibility for the quality of advice provided by any member of Norwich and Peterborough Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels a few years ago even though there remains differing opinions concerning the extent of solicitor involvement in some of that fraud. Data from the Land Registry indicate that thousands of law firms, including some in or near Duston only carry out a couple conveyances per annum.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Duston?
Unless a previous acquisition of the house completed post 12 October 2013 you may take it that lawyers handling conveyancing in Duston to continue to suggest a chancel search and or insurance against a claim.
I'm purchasing a new build house in Duston benefiting from help to buy. The sellers would not reduce the amount so I negotiated £7000 of extras instead. The house builders rep told me not inform my conveyancer about the side-deal as it will jeopardize 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 need to instruct a conveyancing solicitor in Duston for my house move. Is it possible to check a firm’s record with the profession’s regulator?
One can read published Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Visit Check a solicitor's record. To find records Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The SRA may monitor call for training reasons.