My fiance and I are refinancing our penthouse in Kempsey with Kent Reliance. We have a son 18 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. 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 a couple of questions (1) Is this form unique to the Kent Reliance conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this giving up his entitlement 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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.
I am selling my house in Kempsey. Will my conveyancing practitioner need to be required to be on the Barclays conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
This question may be naive but I am unseasoned as FTB of a ground floor flat in Kempsey. Do I pick up the keys to the house on completion from my conveyancer? If this is the case, I will find a High Street conveyancing solicitor in Kempsey?
On the day of completion you do not need to attend the conveyancers office in Kempsey. Your solicitors will arrange to send the purchase money to the owner’s conveyancers, and once they have received this, you should be able to pick up the keys from the property Agents and start moving into the property. Usually this happens early afternoon.
We were going to get a OIP from Co-operative this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Co-operative recommend any Kempsey solicitors on the Co-operative conveyancing panel, or is it better to go independently?
You will need to appoint Kempsey solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
It is not clear whether my lender requires a lease extension. I have called my Kempsey building society branch on various occasions and was advised it wasn't a problem and they would lend. My Kempsey conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the conveyancer is on the bank approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am purchasing my first flat in Kempsey with a loan from The Mortgage Works. The developers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not disclose to my solicitor about the extras as it will affect my mortgage with The Mortgage Works. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey carried out on a property in Kempsey before appointing solicitors. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies will refuse to grant a mortgage on such a home.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kempsey. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Kempsey to see if the conveyancing costs will increase in light of this.
I am using a search engine for the phrase on line conveyancing in Kempsey it shows results of numerous property lawyerslocally. With so much choice what is the best way to find the suitable conveyancing solicitor for my move?
The ideal way of finding a suitable conveyancer is via trusted recommendation, so seek the opinion of friends and relatives who have bought a property in Kempsey or the respected estate agent or financial adviser. Costs for conveyancing in Kempsey differ, so it's a good idea to request a minimum of four quotes from different property lawyers. Dont forget to clarify what costs in the quote includes.