My wife and I intend to remortgage our penthouse in Hanworth with Virgin Money. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 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 two questions (1) Is this form unique to the Virgin Money conveyancing panel as he did not need to sign this form when we remortgaged 4 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 Virgin Money 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when purchasing a property in Hanworth?
Unless a prior acquisition of the house took place post 12 October 2013 you could assume that solicitors handling conveyancing in Hanworth to remain encouraging a chancel search and or insurance against a claim.
It has been 2 months following my purchase conveyancing in Hanworth completed. 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.
How does conveyancing in Hanworth differ for newly converted properties?
Most buyers of new build residence in Hanworth contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Hanworth usually buy the real estate, 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 property lawyers 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 Hanworth or who has acted in the same development.
I decided to have a survey completed on a property in Hanworth prior to retaining solicitors. I have been told that there is a flying freehold element to the house. The surveyor advised that some mortgage companies tend refuse to issue a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hanworth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hanworth to see if the conveyancing costs will increase in light of this.
We are one month into a leasehold purchase having been referred to conveyancers by the high street agent to execute conveyancing in Hanworth. I am not happy. Could you help me find new solicitors?
They would need to be very poor to suggest diss instructing them. Has your mortgage offer been sent? If so you will need to inform them of the new lawyer and ensure the offer are issued to the new lawyers. Your solicitor ideally should be on the lenders panel to avoid added costs and delays. So that should be your starting point. The find a solicitor tool can assist you in finding a bank approved lawyer for your conveyancing in Hanworth