My wife and I are refinancing our flat in Manselton with Kent Reliance. We have a son 18 who lives with us. Our solicitor has asked us to disclose 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 a couple of concerns (1) Is this document specific to the Kent Reliance conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this compromise his entitlement 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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.
Having sold my house in Manselton last February but my buyer keeps telephoning me to moan that her conveyancer needs to hear from mine. What should my lawyer have done following completion?
Post completion of your sale your lawyer is obliged to send the transfer documentation and all of the paperwork to the buyer’s lawyers. If applicable, your lawyer should also send confirmation that the home loan has been redeemed to the purchasers lawyers. There are no post completion procedures unique to conveyancing in Manselton.
I have an AIP. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to appoint a Manselton based conveyancing firm?
Do check but the the likelihood is that appoint one of their panel conveyancers where you want the "fee-free" deal. Speak to the lender and check if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Manselton.
Various web forums that I have visited warn that are the number one cause of delay in Manselton house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Manselton.
I am purchasing my first flat in Manselton benefiting from help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent advised me not reveal to my solicitor about the side-deal as it would jeopardize my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Am I right to be concerned about brokers that I am dealing with are suggesting a factory type conveyancing firm as opposed to a High Street Manselton conveyancing firm?
As with lots of professional services, often referrals from connections can be very helpful. Nevertheless there are numerous players in a conveyancing deal; estate agents, financial adviser and mortgage companies might all put forward lawyers to retain. Sometimes these lawyers might be known to one of the organisations as being good in their field, but occasionally there might be a commercial relationship behind the recommendation. You are free to choose your preferred conveyancer. You need to be aware that most mortgage providers operate an approved list of solicitors you have to use for the mortgage related work in your transaction.