I am obtaining a mortgage offer from Halifax. I intend to enlist the help of a Licensed Conveyancer in North Newbald. Does the Halifax Solicitor panel include conveyancers regulated by the CLC?
The Halifax approved solicitor list is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
My fiance and I intend to remortgage our apartment in North Newbald with Barclays. We have a son 19 who lives with us. Our solicitor has asked us to disclose 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 property is repossessed. I have a couple of questions (1) Is this form unique to the Barclays conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this compromise 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 Barclays. This is solely used to protect Barclays 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 Barclays 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.
I own a freehold property in North Newbald but still pay rent, why is this and what is this?
It is rare for properties in North Newbald and has limited impact for conveyancing in North Newbald but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
How does conveyancing in North Newbald differ for newly converted properties?
Most buyers of new build or newly converted property in North Newbald come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because builders in North Newbald tend to buy the real estate, 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 conveyancing solicitors 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 North Newbald or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. North Newbald is the location of the property. Is there any advice you can impart?
Flying freeholds in North Newbald are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North Newbald you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Newbald may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How difficult is it to switch firm as I have to select a firm on the Lloyds TSB Bank conveyancing list. I instructed a high street conveyancing solicitor in North Newbald five minutes from me but the firm is not accepted by Lloyds TSB Bank
It would be our pleasure to help you find a conveyancing solicitor in North Newbald on the Lloyds TSB Bank panel. Please note that the solicitors that we list do not pay us a referral fee if you instruct them and are under regulation of the SRA who regulate all conveyancing solicitors in North Newbald. Using the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in North Newbald.