My partner and I intend to remortgage our maisonette in Kempsey with Nottingham. We have a son approaching twenty who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form 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 document specific to the Nottingham conveyancing panel as he never had to sign this form when we bought 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 Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
Why do I have to pay up front for my conveyancing in Kempsey?
Where you are retaining lawyers for conveyancing in Kempsey your lawyer will ask you to provide them with monies to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the conveyancing searches. If any deposit is as part of the total price then this should be required shortly ahead of exchange of contracts. Any further balance that is needed should be sent to your lawyer shortly before completion.
We're in Kempsey, First time buyers purchasing with a mortgage (lender is Kent Reliance , and our solicitor is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My uncle advised me that in buying a property in Kempsey there could be various restrictions limiting what one can do in terms of external changes to a property. Is this right?
There are anumerous of properties in Kempsey which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Kempsey should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Yorkshire BS, do Kempsey solicitors face a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I have instructed a Kempsey lawyer having made sure that they are on the Santander conveyancing panel. Does my lawyer arrange the survey of the property?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Kempsey surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Kempsey is the location of the property. Can you shed any light on this issue?
Flying freeholds in Kempsey are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Kempsey you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kempsey may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Are you able to clarify what my options are if my Kempsey conveyancing searches shows negative results?
Usually, the majority of adverse entries that arise in Kempsey conveyancing search results can be dealt with in advance of completion or indemnity insurance could possibly be obtained. You should note that even though you may be buying the premises and might be willing to live with the search results, your mortgage lender may not, and ultimately the decision rests with them.