My partner and I intend to remortgage our maisonette in Llanmartin with Barclays. 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 property is repossessed. I have two concerns (1) Is this form unique to the Barclays conveyancing panel as he did not need to sign this form when we remortgaged 3 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 Barclays 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 Barclays. This is solely used to protect Barclays 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 Barclays 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.
It is 10 years ago since I purchased my home in Llanmartin. Conveyancing solicitors have just been retained on the sale but I can't find my deeds. Will this jeopardise the sale?
You need not be too concerned. Firstly the deeds may be with your lender or they could be in the possession of the solicitor who oversaw your purchase. Secondly in most cases the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. Almost all conveyancing in Llanmartin involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.
What is the difference between a licensed conveyancer and conveyancing solicitor in Llanmartin
Two types of professional can do conveyancing in Llanmartin namely licenced conveyancers or solicitors. Both professionals administer conveyancing services that required to complete the sale or purchase of property. They are both duty bound to carry out Llanmartin conveyancing on similar quality and guidelines so you can be sure that your conveyancing will be properly administered and that the requisite procedures will be suitably followed.
Last month we had a mortgage agreed in principle with Lloyds. Llanmartin conveyancing lawyers have been chosen. How long does it take for Lloyds to forward the offer to the conveyancer?
Some lenders take longer than others. Have Lloyds completed the valuation? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am expecting a OIP from Bank of Ireland 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 Bank of Ireland recommend any Llanmartin solicitors on the Bank of Ireland conveyancing panel, or is it better to go independently?
You will need to appoint Llanmartin solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
Do I need to take out insurance to cover chancel repairs when acquiring a residence in Llanmartin?
Unless a previous acquisition of the premises took place post 12 October 2013 you may expect solicitors handling conveyancing in Llanmartin to continue to advocate a chancel search and or chancel repair liability insurance.
How does conveyancing in Llanmartin differ for new build properties?
Most buyers of new build residence in Llanmartin contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Llanmartin typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Llanmartin or who has acted in the same development.
Can you offer any advice when it comes to appointing a Llanmartin conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Llanmartin conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Llanmartin conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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If the firm is not ALEP accredited then what is the reason? Can they put you in touch with clients in Llanmartin who can give a testimonial?
Leasehold Conveyancing in Llanmartin - Sample of Queries Prior to Purchasing
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Make sure you find out if there is anything that is prohibited in the lease. For instance some leases prohibit pets being permitted in in a block in Llanmartin. If you like the apartmentin Llanmartin yet your cat can’t move with you then you have a very hard determination. On the whole the cost for major works are not included within maintenance charges, albeit that some managing agents in Llanmartin obliged leaseholders to contribute towards a reserve fund created for the specific intention of establishing a fund for major works. The prefered form of lease structure is a share of the freehold. In this situation the lessees have being in charge if their destiny and even though a managing agent is usually retained where the building is larger than a house conversion, the managing agent retained by the leaseholders.