I am in the throes of swapping over from my current residential mortgage to a Buy to Let Nationwide Building Society mortgage. I have been informed by my broker that I must appoint a conveyancer as part of the process. I had a chat the same Inkberrow conveyancing solicitor who dealt with the legals when I previously bought the premises. The costs estimate sent of £550 has shocked me as I am not require purchase conveyancing - it’s simply a straightforward remortgage.
The estimate fees seem a tad high. If you you were to look around you may be able to shave off some of the cost by as much as £125. On the other hand, assuming were pleased with the service the firm offered you maylive to rue opting for an an unknown conveyancer. Remember to ensure that the conveyancer can represent Nationwide Building Society. Do make use of our search tool to locate a Inkberrow conveyancing firm on the Nationwide Building Society member panel, which can often include conveyancing solicitors in Inkberrow.
My fiance and I are refinancing our maisonette in Inkberrow with Lloyds. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults 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 property is repossessed. I have two 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.
Having invested time researching moneysavingexpert.com for an online lawyer in Inkberrow, most post that I should use a CQS assured lawyer. Can you explain what CQS is?
Inkberrow Conveyancing Quality Scheme law firms have been granted certification under the Law Society's Scheme (CQS) The Law Society established CQS to establish evidence of quality standards in the in the legal transfer of properties. CQS helps house movers to recognise practices that provide a quality residential conveyancing. Inkberrow is one of locations in England and Wales in which accredited firms have offices. The scheme obliges practices to undergo a strict assessment, compulsory training, self-reporting, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Building Societies Association.
Will our lawyer be raising enquiries about flooding during the conveyancing in Inkberrow.
The risk of flooding is if increasing concern for lawyers dealing with homes in Inkberrow. Plenty of people will buy a house in Inkberrow, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a number of checks that can be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Inkberrow. The standard property information forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to discover whether the property has suffered from flooding. If flooding has previously occurred which is not disclosed by the owner, then a purchaser may bring a legal claim for losses as a result of such an incorrect response. A purchaser’s lawyers may also carry out an environmental search. This will indicate if there is any known flood risk. If so, additional inquiries will need to be made.
I have a semi-detached Georgian house in Inkberrow. Conveyancing lawyer acted for me and Platform Home Loans Ltd. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Inkberrow and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing solicitor who completed the work.
My 20yr old son is about to join the property ladder, he had his mortgage in principle. One the seller agreed the offer on the flat we called the mortgage institution to issue the formal offer. I was very surprised to discover that mortgage lenders do not accept all property lawyer, they need to be on their approved list, is this legal?
Banks 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 lenders have no responsibility for the quality of advice provided by any Inkberrow solicitor 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? Probably not.