My husband and I intend to remortgage our penthouse in Mansfield with TSB. We have a son approaching twenty 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 apartment is forfeited by the lender. I have two questions (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we remortgaged 5 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 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.
Is there a reason why leasehold purchase conveyancing in Mansfield is more expensive?
Mansfield leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
We wanted to use a property lawyer in Mansfield for our home move. Our financial adviser has since notified us that our mortgage lenders Britannia won't deal with them. Why is this not regarded as unfair competition?
Lenders normally imposes restrictions either the type or the amount of conveyancing practices on their panel. A common example of such criteria being that a law practice must not be a sole practitioner. As well as restricting the type of firm, some have reduced the amount of solicitor practices they permit to represent them. Be aware that Britannia have no responsibility for the quality of advice provided by any member of Britannia Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels a few years ago even though there remains mixed opinions regarding the extent of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that thousands of law firms, including some in or near Mansfield only carry out one or two conveyances per annum.
I moved into my house on 10 May and my personal details are still not registered. Any reason for this? My conveyancing solicitor in Mansfield expressed confidence that it should be dealt with inside ten days. Are properties in Mansfield particularly slow to register?
There is nothing unique about conveyancing in Mansfield registration formalities. Rather than based on location, timescales can vary subject to the party submitting the application, whether there are errors and if the Land registry must send notices to any third persons or bodies. Currently roughly 80% of submission are completed in less than three weeks but occasionally there can be extensive hold-ups. Historically registration takes place once the buyer is living at the premises so an expedited registration is not always top priority but if it is urgent that the the registration takes place urgently then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Mansfield differ for new build properties?
Most buyers of new build residence in Mansfield approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Mansfield tend to purchase 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 Mansfield or who has acted in the same development.
I opted to have a survey carried out on a house in Mansfield prior to instructing lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies tend refuse to give a loan on such a house.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. If you contact us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Mansfield. Conveyancing may be slightly more expensive based on your lender's requirements.