My partner and I intend to remortgage our apartment in North Ockendon with Lloyds. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this form unique to the Lloyds conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Lloyds conveyancing panel solicitor is doing the right thing 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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 planning to acquire a flat and need a conveyancing solicitor in North Ockendon who is on the Virgin Money conveyancing panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Virgin Money . We don't recommend any particular firms conducting conveyancing in North Ockendon.
A colleague advised me that in purchasing a property in North Ockendon there may be a number of restrictions prohibiting external changes to a property. Is this right?
There are anumerous of properties in North Ockendon which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in North Ockendon should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Please help - my lawyer advises that breach of easement insurance is required on my purchase. What is the typical level of cover needed for conveyancing in North Ockendon?
The appropriate level of breach of easement indemnity insurance should be dictated by who your lender. It would differ for example between HSBC Bank and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
We were going to get a DIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any North Ockendon solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint North Ockendon solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I'm buying my first flat in North Ockendon with a mortgage from Norwich and Peterborough Building Society. The builders refused to budge the price so I negotiated 6k of additionals instead. The property agent suggested that I not reveal to my solicitor about the extras as it would adversely affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
I decided to have a survey done on a house in North Ockendon ahead of appointing conveyancers. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies will not issue a mortgage on this type of house.
It varies from the lender to lender. HSBC has different instructions from Halifax. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in North Ockendon. Conveyancing may be slightly more expensive based on your lender's requirements.
I was advised by numerous estate agents in North Ockendon to select a solicitor on your site. Is there a financial inducement for Estate Agents to offer your lawyers rather than another?
We refuse to offer any commission for sending work to this site. We found it would be just too difficult to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.