I am not in a position to travel far from Kempshott. Can you please clarify why all Kempshott solicitors aren't automatically on all mortgage company panels?
Before the recession most lenders displayed an approach to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into fraud which concluded: know the conveyancers on your panel. Consequently, lenders have since looked to extract more information from law firms regarding their operations and the staff who work for them and set certain criteria such as completing a minimum volume of transactions. Many firms have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum amount of transactions the lenders set.
My husband and I changing mortgage lender for our apartment in Kempshott with Lloyds. We have a son 19 who lives with us. Our solicitor requested us to identify 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 flat is repossessed. I have a couple of questions (1) Is this form unique 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.
My wife and I are selling our house in Kempshott and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A local lawyer would know this is not the case. It does beg the question why the purchasers are using a nationwide conveyancing firm rather than a conveyancing solicitor in Kempshott. Having lived in Kempshott for six years we know of no issue. Should we contact our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Are there restrictive covenants that are commonly picked up during conveyancing in Kempshott?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Kempshott. 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…’
Due to the encouragement of my in-laws I had a survey completed on a house in Kempshott before appointing conveyancers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies will refuse to grant a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different instructions from Nationwide. Should you wish to call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kempshott. Conveyancing will be smoother if you use a solicitor in Kempshott especially if they are acquainted with such properties in Kempshott.
I am a sole trader hoping to lease a unit on a shopping parade. Can you recommend lawyers offering competitive costs for non-domestic conveyancing in Kempshott for under £2000?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Kempshott, including the disposal and acquisition of businesses as well as simply premises. Whether you are intending to purchase or lease a shop, pub, restaurant, office, retail premises or a whole business we can put you in touch with the right firm. Regarding the fees these will vary based on the structure and complexity of the proposed transaction. Let us have your details or email us so that we can furnish you with a fixed commercial conveyancing quote.