My fiance and I intend to remortgage our flat in Pentraeth with Yorkshire BS. We have a son 19 who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this document specific to the Yorkshire BS conveyancing panel as he never had to sign this form when we purchased 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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 just had an offer accepted to buy with Norwich and Peterborough Building Society. I went into a couple of high street solicitors but cant to find a Pentraeth conveyancing firm on the Norwich and Peterborough Building Society panel. Please you assist?
Feel free to make use of the find a conveyancing panel solicitor tool on this site. Pick the building society and type Pentraeth or your preferred area and you will be presented with numerous conveyancers offices in Pentraeth or by proximity to you.
Should my lawyer be making enquiries about flooding during the conveyancing in Pentraeth.
Flooding is a growing risk for conveyancers specialising in conveyancing in Pentraeth. There are those who acquire a house in Pentraeth, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, but there are a number of checks that can be initiated by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Pentraeth. The standard property information forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the seller to discover whether the property has ever been flooded. In the event that the property has been flooded in past which is not disclosed by the owner, then a purchaser may bring a legal claim for losses stemming from an misleading response. The purchaser’s lawyers will also carry out an environmental report. This should reveal whether there is a recorded flood risk. If so, additional investigations should be made.
I have been pointed in your direction by a few property agents in Pentraeth to find a conveyancer on your site. Is there a financial inducement for Estate Agents to offer your services ahead of a competitor’s?
We don’t give any financial incentive for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
My father has urged me to use his lawyers for conveyancing in Pentraeth. Do I take his advice?
There are no two ways about it it’s preferable to choose a conveyancing lawyer is to get feedback from friends or family who have actually experience in using the firm that you are considering.
Our conveyancer in Pentraeth has uncovered a a problem with the lease for the apartment we are purchasing in Pentraeth. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.