My husband and I intend to remortgage our maisonette in Hayle with Leeds Building Society. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults 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 property is repossessed. I have a couple of questions (1) Is this form unique to the Leeds Building Society conveyancing panel as he did not need to sign this form when we purchased 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 Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
What happens if my solicitor is removed from the Coventry BS Solicitor panel ahead of completing my conveyancing in Hayle?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I am purchasing a detached bungalow in Hayle. The intention is to an extension at the rear at the house.Will the conveyancing process involve checks to determine if these alterations are allowed?
Your property lawyer should check the deeds as conveyancing in Hayle will sometimes identify restrictions in the title documents which restrict categories of changes or require the permission of a 3rd party. Certain works require local authority planning consent and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be sensible to check these issues with a surveyor before you commit yourself to a purchase.
Does a directory service exist listing Virgin Money panel solicitors in Hayle on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the CML or Building Society Association sites. A small selection of mortgage companies make their panel listings visible over the internet. Where you are seeking to appoint a Hayle conveyancer on the Virgin Money please use our facility.
We had chosen conveyancers with offices in Hayle on the Nationwide solicitor panel. They have just billed me a separate charge for handling the Nationwide mortgage. Is this an additional conveyancing fee specified by Nationwide?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your conveyancing practitioner may charge a fee for this. The charge is not dictated by Nationwide but by your Hayle solicitor. Plenty of firms on the Nationwide panel will quote an ‘acting for lender’ fee and others do not.
What can a local search inform me about the property my wife and I buying in Hayle?
Hayle conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Searchflow The local search is essential in every Hayle conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your property. The search should provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
Are there restrictive covenants that are commonly identified during conveyancing in Hayle?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Hayle. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
My 20yr old son is just in the process of moving house, he had his mortgage in principle. After the seller agreed the offer on the apartment we telephoned the mortgage company to go forward with his. I was very surprised to discover that banks do not accept all property lawyer, they must be on their panel, is this legal?
Mortgage Companies normally restrict either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Hayle conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.