My husband and I intend to remortgage our apartment in Radcliffe with Nottingham. We have a son 18 who lives at home. 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, waiving any legal rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this document specific to the Nottingham conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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're in Radcliffe, First time buyers buying with a mortgage (lender is RBS , and our lawyer is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have been told that property searches are the number one reason for stalling in Radcliffe conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Radcliffe.
I am purchasing my first flat in Radcliffe with a mortgage from The Mortgage Works. The developers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not inform my lawyer about this side-deal as it will adversely affect my mortgage with The Mortgage Works. Should I keep quiet?.
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.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a quick, chain free conveyancing. Radcliffe is the location of the property. Is there any advice you can give?
Flying freeholds in Radcliffe are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Radcliffe you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Radcliffe 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 residence.
I am one month into a freehold purchase having been referred to conveyancers by the selling agent to perform conveyancing in Radcliffe. I am am very disappointed with the quality of service. Could you you assist me in finding new conveyancers?
A conveyancer would have to be really poor in order to consider diss instructing them. Has the mortgage offer been generated? In the event that it has you must inform them of the new contact details and get the offer are re-issued. Your new solicitor ideally needs to be on the lenders panel to avoid added fees and frustration. So that should be your first question of the new conveyancers. Our search tool should assist you in finding a bank approved conveyancer for your home move in Radcliffe