My partner and I intend to remortgage our flat in Hathern with Nationwide. We have a son 18 who lives at home. Our solicitor requested us to identify 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 apartment is forfeited by the lender. I have two questions (1) Is this form unique to the Nationwide conveyancing panel as he never had to sign this form when we remortgaged 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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 fiance and I are buying a newbuild apartment in Hathern with a mortgage from Lloyds TSB Bank.We have a Hathern conveyancing lawyer but Lloyds TSB Bank advised that her practice is not on their "panel". It seems we have little choice but to instruct a Lloyds TSB Bank panel lawyer or retain our high street solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan issued to you is subject to its terms and conditions, one of which will be that lawyers will be on the Lloyds TSB Bank approved list. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Lloyds TSB Bank
Will our conveyancer be raising questions regarding flooding as part of the conveyancing in Hathern.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Hathern. There are those who acquire a house in Hathern, completely aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a number of checks that may be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in Hathern. The conventional set of property information forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the vendor to determine if the property has suffered from flooding. If the property has been flooded in past which is not notified by the owner, then a buyer may issue a legal claim for losses resulting from an inaccurate response. A buyer’s conveyancers may also commission an enviro search. This should higlight whether there is any known flood risk. If so, more detailed investigations should be carried out.
How does conveyancing in Hathern differ for new build properties?
Most buyers of new build or newly converted property in Hathern come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Hathern usually acquire the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Hathern or who has acted in the same development.
I opted to have a survey carried out on a house in Hathern before retaining solicitors. I have been told that there is a flying freehold element to the house. The surveyor advised that some lenders may refuse to issue a mortgage on such a house.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hathern. Conveyancing may be slightly more expensive based on your lender's requirements.
Do online conveyancing companies undertake everything a high street Hathern solicitor does or must I use a solicitor for the final stages for my conveyancing in Hathern?
Where you instruct an online conveyancer they should undertake all the work your Hathern conveyancer would cover.