Much to our surprise we have been informed by our IFA that my Maida Hill the law firm I have appointed is not on the bank Solicitor panel. What can I do to be certain whether this is indeed the case?
You need to contact your Maida Hill conveyancer. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.
My wife and I intend to remortgage our maisonette in Maida Hill with TSB. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 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 forfeited by the lender. I have two concerns (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your TSB 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 TSB. This is solely used to protect TSB 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 TSB 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.
The Maida Hill conveyancing solicitors that I recently instructed on my purchase in Maida Hill have without warning closed. I only went with them because I needed a solicitor on the RBS conveyancing panel and my family Maida Hill lawyer was not. I paid them funds on account. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the RBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
How does conveyancing in Maida Hill differ for newly converted properties?
Most buyers of new build residence in Maida Hill contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Maida Hill tend to acquire the land, 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 property lawyers 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 Maida Hill or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Maida Hill I like with a park and transport links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Maida Hill in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Are the Maida Hill conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the lender?
Maida Hill law firm practices and firms conducting conveyancing in Maida Hill themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the lender directly.