My husband and I intend to remortgage our maisonette in Faringdon with Clydesdale. 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. 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 a couple of concerns (1) Is this document specific to the Clydesdale conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Clydesdale 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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.
Why do I have to pay up front for my conveyancing in Faringdon?
If you are buying a property in Faringdon your solicitor will request that you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the total price then this should be asked for shortly before exchange of contracts. The final balance that is due should be transferred a few days ahead of the day of completion.
My grandmother passed away last year and as sole heir and executor I was left the house in Faringdon. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to TSB, pay off the mortgage. Is this possible?
If you intend to re-mortgage then TSB will insist on your using a conveyancer on the TSB conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your TSB conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the TSB mortgage is registered as a charge at the Land Registry.
My stepmother informed me that in buying a property in Faringdon there may be a number of restrictions affecting the ability to carry out external changes to a property. Is this right?
There are a number of properties in Faringdon which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Faringdon should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a AIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Faringdon solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Faringdon solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
Clydesdale have agreed my mortgage in principle, my bid on a flat in Faringdon has been agreed to, what are the next steps?
Your estate agent will wish to be advised as to your solicitor's details (ensure that the lawyers are on the bank’s panel). Telephone Clydesdale or your financial adviser and complete any outstanding forms. Clydesdale will appoint a valuer who will get in touch with the estate agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Clydesdale will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Faringdon.
A friend suggested that if I am buying in Faringdon I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Faringdon conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Faringdon around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Faringdon Education with maps and statistics, Local Amenities and other useful information concerning Faringdon.
Due to the guidance of my in-laws I had a survey completed on a house in Faringdon before instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies will refuse to grant a mortgage on a flying freehold house.
It depends who your proposed lender is. Santander has different requirements from Halifax. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Faringdon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Faringdon to see if the conveyancing will be more expensive.