My husband and I are refinancing our flat in Marshfield with Principality. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 property is repossessed. I have a couple of questions (1) Is this form unique to the Principality conveyancing panel as he never had to sign this form when we purchased 5 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 Principality. This is solely used to protect Principality 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 Principality 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.
A relative advised me that in buying a property in Marshfield there may be various restrictions limiting what one can do in terms of external alterations to the property. Is this right?
We are aware of anumerous of properties in Marshfield which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Marshfield should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am being advised by my lawyer that defective lease insurance is needed on my purchase. What is the level of cover for Marshfield conveyancing?
The appropriate level of defective lease indemnity insurance depends on your lender. It would differ for example between Santander and Virgin Money. Conveyancing practitioners as opposed to members of the public take out such policies.
Is it the case that all Marshfield solicitor firms on the RBS conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the RBS approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Many lenders do permit licenced conveyancers on their panel and in that case the organisation would be regulated by the CLC.
I'm purchasing my first flat in Marshfield with a loan from Skipton Building Society. The builders refused to reduce the price so I negotiated 6k of additionals instead. The house builders rep advised me not to tell my conveyancer about the side-deal as it could impact my loan with the lender. Should I keep quiet?.
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.
Given that I will soon part with over three hundred thousand on a house in Marshfield I wish to have a conversation with the conveyancer concerning thetransaction ahead of instructing the firm. Can this be arranged?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you speaking to the lawyer due to be carrying out your property ownership legalities in Marshfield.There is no ‘factory style conveyancing’ - each client is an important person, not a file number. The solicitors that we put you in touch with believe that the fees you are quoted for your conveyancing in Marshfield should be the amount on the final invoice that you end up paying.
Am I better off to choose a Marshfield conveyancing lawyer in close proximity to the house I am purchasing? We have a good friend who can carry out the legal formalities but his firm is located 200miles away.
The primary upside of using a high street Marshfield conveyancing firm is that you can attend the office to sign documents, present your identification documents and apply pressure on them if necessary. They will also have local knowledge which is a plus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were content that should trump using an unfamiliar Marshfield conveyancing solicitor solely due to them being based in the area.
How and when do I cover the costs of the Stamp Duty Land Tax payable for my conveyancing in Marshfield?
Most conveyancing practitioners tend to fill out a stamp duty return for you during your Marshfield purchase transaction for signature. On completion your conveyancing practitioner will submit the STL application to the Inland Revenue and - as long as they have the money - settle any land tax liability on your behalf.