My partner and I are refinancing our flat in Llanmartin with Lloyds. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this document specific to the Lloyds conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Lloyds 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 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 brother-in-law has suggested I instruct a conveyancing solicitor in Llanmartin. I need to find out whether they are accepted on the Barclays Direct approved list of lawyers. Can you or the lender confirm if they are on the panel?
The first thing to do is contact your solicitor and ask them if they can act for the bank. Alternatively you should call Barclays Direct who may be able to assist.
I have been told that property searches are the number one cause of stalling in Llanmartin conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Llanmartin.
I have todayfound out that Wolstenholmes have closed. They conducted my conveyancing in Llanmartin for a purchase of a leasehold flat 18 months ago. How can I establish that the property is not still registered in the name of the previous owner?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Llanmartin conveyancing specialists.
How does conveyancing in Llanmartin differ for new build properties?
Most buyers of new build residence in Llanmartin approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers 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 conveyancers 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 used to new build conveyancing in Llanmartin or who has acted in the same development.
I need to find a conveyancing solicitor for remortgage conveyancing in Llanmartin. I've chance upon a web site which looks to be the perfect solution If there is a chance to get all the legals completed via web that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?