My husband and I intend to remortgage our flat in New Forest with RBS. 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 reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two concerns (1) Is this form unique to the RBS 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?
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 RBS. This is solely used to protect RBS 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 RBS 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.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel solicitor as I would prefer to instruct a New Forest based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel conveyancers where you want the "fee-free" offer. Speak to the lender and check if they allow a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near New Forest.
What does a local search inform me about the house we're buying in New Forest?
New Forest conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company such as Onsearch The local search plays an important part in many a New Forest conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search should supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
I am purchasing my first flat in New Forest with a loan from Barnsley Building Society. The sellers would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not to tell my conveyancer about this extras as it could impact my loan with the bank. 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in New Forest I like with amenity areas and transport links nearby, however it only has 49 years on the lease. I can't really find anything else in New Forest for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan that many years will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I am buying a flat with all finances in place. My solicitor has been supplied with with 2 distinct forms of photographic identification, bank statement, multiple utility bills. Now he needs a copy from a probate lawyer advising that the money is in place and that it has come from inheritance and not selling fake DVD.
In today’s world you will not be able to complete any New Forest conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Proof of your source of funds is required under Money Laundering Regulations.