My wife and I intend to remortgage our maisonette in Openshaw with HSBC. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this document specific to the HSBC conveyancing panel as he never had to sign this form when we remortgaged 5 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
Are the Openshaw conveyancing solicitors identified as being on the Bank of Ireland conveyancing panel, together with their details provided by Bank of Ireland?
Openshaw conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
My solicitor has informed me that lack of building regulations insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Openshaw?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and Coventry Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
I am expecting a AIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any Openshaw solicitors on the Lloyds conveyancing panel, or is it better to go independently?
You will need to appoint Openshaw solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
Completion of my remortgage has taken place for my property in Openshaw. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I'm buying a new build house in Openshaw with the aid of help to buy. The builders refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not to tell my lawyer about this extras as it could put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
Due to the advice of my in-laws I had a survey completed on a property in Openshaw in advance of appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some lenders will refuse to grant a loan on such a property.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Openshaw. Conveyancing will be smoother if you use a solicitor in Openshaw especially if they regularly deal with such properties in Openshaw.
I'm remortgaging my current property to a BTL mortgage with Virgin Money and I will use the rest of the raised equity as a deposit on a second property. The neighborhood we are talking about is Openshaw. Will your conveyancers be able to act for the two mortgage companies and tie in the transactions?
Make use of our search tool on this page to be sure that the conveyancers are on the relevant lender panels. On the basis that they are your solicitor should be able to simultaneously deal with the two conveyancing matters but you should talk with you conveyancer and communicate your expectations and needs.