My fiance and I intend to remortgage our penthouse in New Cross with Co-operative. We have a son 19 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have two concerns (1) Is this form unique to the Co-operative conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this extinguish 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in New Cross? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identity of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms and Conditions that you need to sign will no doubt stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to provide identification documents, your lawyer can not take you on as a client.
I just bought a flat at auction in New Cross. Conveyancing is necessary. What happens now?
Having to in every practical sense signed on the dotted line you should instruct a conveyancing practitioner soon as you now have a fast approaching a drop dead date to complete the property. Every auction property will ordinarily have a corresponding legal set of papers. This should include most,if not all of the paperwork that your solicitor will need. If you have purchased leasehold property the auction pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You should hand this to the solicitor working for you at the earliest opportunity. Do make sure that that you have the requisite funding organised to complete the transaction on the set completion date.
We are getting a further advance on our mortgage from Bank of Ireland as we want to conduct alterations to our property in New Cross. Do we need to appoint a nearby New Cross solicitor on the Bank of Ireland conveyancing panel to handle the paperwork?
Bank of Ireland would not normally instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland list.
Our offer on a property in New Cross has been accepted, the owners do however have a tied purchase. The vendors have offered on somewhere, however it’s not been accepted yet, and are looking at other flats booked. I have instructed a local conveyancing solicitor in New Cross. What do I do now? At what point do I apply for the mortgage with RBS?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx one thousand pounds, then survey, New Cross conveyancing search charges, etc). First, you must ensure that your conveyancing practitioner is on the RBS approved list. Regarding the next steps this very much dictated by the specifics of your transaction, attraction to this property and on the state of the market. In a rising market the majority of home buyers will apply for the mortgage with RBS and pay for the valuation and only if it was satisfactory would they ask their conveyancer to proceed with the conveyancing in New Cross.
I have been told that property searches are the main reason for hinderance in New Cross conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in New Cross.
I'm buying my first flat in New Cross with a loan from National Westminster Bank. The builders would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not to tell my solicitor about this side-deal as it may put at risk my loan with National Westminster Bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
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At this site get a fixed fee quote from a Solicitor or Licensed Conveyancer that has a full understanding of the issues for your conveyancing in New Cross. As opposed to estate agents and brokerage sites we are not in the business of charging firms a fee if you choose them for your property ownership legalities in New Cross