My partner and I changing mortgage lender for our apartment in Liverpool with Principality. We have a son approaching twenty who lives at home. 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, waiving any legal rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this form unique to the Principality conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his rights 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 Principality. This is solely used to protect Principality 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 Principality 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Liverpool? Is this really necessary?
Liverpool conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Bank Statement less than 3 months old).
Evidence of the origin of funds is also necessary under the money laundering regulations as lawyers are duty bound to check that the money you are using to acquire a property (whether it be the deposit for exchange or the total purchase price where you are a cash purchaser) has come from legitimate source (such as employment savings) as opposed to the product of criminal activity.
I have been told that property searches are a common reason for stalling in Liverpool house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Liverpool.
It has been three months following my purchase conveyancing in Liverpool completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How difficult is it to change solicitor as I have to retain one who is on the Birmingham Midshires conveyancing list. I had appointed a family conveyancing solicitor in Liverpool round the corner but the firm is not approved by Birmingham Midshires
It would be our pleasure to help you select a conveyancing solicitor in Liverpool on the Birmingham Midshires panel. Please note that the law firms that we on the directory do not pay us fee if you instruct them and are regulated by the SRA who regulate all conveyancing solicitors in Liverpool. In making use of search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Liverpool.
Am I better off to instruct a Liverpool conveyancing practitioner who is local to the property I am purchasing? An old friend can deal with the conveyancing but her office is 400kilometers drive away.
The benefit of a high street Liverpool conveyancing practice is that you can attend the office to execute paperwork, present your identification documents and pester them if necessary. Having local Liverpool know how is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and on the whole were happy that should trump using an unfamiliar Liverpool conveyancing lawyer just because they are based in the area.