My husband and I changing mortgage lender for our maisonette in Newmarket with Bank of Ireland. We have a son approaching twenty who lives at home. Our solicitor requested us to identify 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, giving up any rights in the event that the flat is repossessed. I have two concerns (1) Is this document specific to the Bank of Ireland 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 Bank of Ireland. This is solely used to protect Bank of Ireland 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 Bank of Ireland 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.
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Newmarket. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this allowed?
If you intend to re-mortgage then Barclays will insist on your using a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
My fiancee and I are at the point of looking at apartments in Newmarket and I am now considering a potential offer. Should I already have a solicitor in place at this stage? I intend to finance via a home loan with Bank of Ireland.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are obtaining a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
I have instructed a Newmarket conveyancer having made sure that they are on the Nottingham conveyancing panel. Does my lawyer arrange the survey of the property?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Newmarket surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have finally had an offer on an apartment in Newmarket accepted, but there is a chain. The sellers have put an offer on a property, however it’s not yet tied up, and have viewings of other properties in the pipeline. I have instructed a local conveyancing solicitor in Newmarket. What should be my next step? At what stage should I apply for the mortgage with Lloyds?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then valuation, Newmarket conveyancing search charges, etc). The first thing to do is check that your conveyancing practitioner is on the Lloyds conveyancing panel. As to the next phase this very much depends on the uniqueness of your transaction, motivation for this property and on the state of the market. During a buoyant market the majority of buyers will apply for the mortgage with Lloyds and pay for the valuation and only if it comes back ok would they pay their conveyancing practitioner to proceed with the conveyancing in Newmarket.
Do I need to take out insurance to address the risk of chancel repairs when buying a property in Newmarket?
Unless a prior purchase of the property completed post 12 October 2013 you may expect solicitors conducting conveyancing in Newmarket to remain encouraging a chancel search and or chancel repair liability insurance.
How do I locate a Newmarket solicitor on the Halifax conveyancing panel? I have a car and am happy to travel upto 25kilometers to meet the solicitor.
Feel free to make use of the search on this website. Please choose the bank and your location and you will see a number of Newmarket conveyancing lawyers based on proximity. We have detailed some Newmarket conveyancing firms towards the end of this page and you can ring them to see whether they are on the Halifax member panel
My husband and I are four weeks into a residential purchase having been directed to solicitors by the high street agent to do our conveyancing in Newmarket. I am not happy. Could you you assist me in finding new lawyers?
They would have to be very poor in order to consider diss instructing them. Has the mortgage been sent? If so you will need to inform them of the new lawyer and have the loan are issued to the new lawyers. Your new conveyancer needs to be on the lenders approved list to avoid supplemental fees and delays. That should be your first question of the new conveyancers. Our search tool will help you find a bank approved solicitor for your home move in Newmarket