My wife and I swapping mortgage lender for our maisonette in Llanrhystud with RBS. We have a son 18 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 repossessed. I have a couple of questions (1) Is this document specific to the RBS conveyancing panel as he did not need to sign this form when we purchased 3 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 RBS. This is solely used to protect RBS 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 RBS 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.
We see that you have a search directory identifying law firms on the TSB conveyancing panel. Do companies pay you a commission if I instruct them for our conveyancing in Llanrhystud?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Llanrhystud.
I am buying a garden flat in Llanrhystud. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Llanrhystud you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Llanrhystud.
I am the single beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Llanrhystud. The Llanrhystud property was put into my name in October. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership could be treated the same way as though I had purchased the property in October. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How sensible a view banks take of it, depend on the lender as this provision is primarily there to pick up on subsales or the quick reselling of property.
When it comes to lenders such as Kent Reliance, do Llanrhystud property lawyers have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Llanrhystud bank branch on a couple of occasions and was advised it wasn't a problem and they would lend. My Llanrhystud conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend in accordance with their specific requirements. I simply don't know who is right.
As long as the property lawyer is on the mortgage company panel, she or he must follow the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Is it possible to change conveyancer as I have to instruct a firm on the The Mortgage Works conveyancing list. I hired a family conveyancing solicitor in Llanrhystud round the corner but he is not approved by The Mortgage Works
It would be our pleasure to help you find a conveyancing solicitor in Llanrhystud on the The Mortgage Works panel. Please note that the law firms that we on the directory do not pay us fee if you instruct them and are authorised and regulated by the SRA who regulate all conveyancing solicitors in Llanrhystud. In utilising the find a conveyancing solicitor tool on this page, you can compare fees for conveyancing solicitors in Llanrhystud and beyond.
My wife and I have AIP from National Westminster Bank who have advised we could borrow up to £350k. At what point do we need to appoint a solicitor for conveyancing? Llanrhystud is where we plan to move to.
It would be wise to appoint a conveyancing practitioner now so that the lawyer can open the file so they can commence their AML checks etc. If and when you wish them to commence work they will seek a deposit normally about £175. That would generally be after you have the loan offer from your lender and valuation results, but should you want to expedite matters you can get going sooner even though you may be risking some expense.