My husband and I are refinancing our penthouse in Redditch with Kent Reliance. We have a son 18 who lives with us. Our solicitor requested us to identify 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 apartment is repossessed. I have two questions (1) Is this document specific to the Kent Reliance 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 Kent Reliance. This is solely used to protect Kent Reliance 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 Kent Reliance 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.
It is 10 years ago since I purchased my house in Redditch. Conveyancing solicitors have recently been retained on the sale but I am unable to locate my title documents. Is this a major issue?
You need not be too concerned. First there is a chance that the deeds will be with your lender or they may be in the possession of the lawyers who handled your purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. The vast majority of conveyancing in Redditch relates to registered property but in the unlikely event that your home is not registered it is more tricky but is not insurmountable.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Redditch so that I can attend their offices if required.
As opposed to ten years ago, most mortgage companies no longer require their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to provide ID documents and there are still distinct advantages to choosing a local solicitor, in your case a conveyancing solicitor in Redditch.
Due to the guidance of my in-laws I had a survey completed on a house in Redditch in advance of appointing conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some lenders will not give a loan on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Redditch. Conveyancing may be slightly more expensive based on your lender's requirements.
We're first time buyers - had an offer accepted, yet the selling agent advised that the owners will only move forward if we use their recommended conveyancers as they need an ‘expedited deal’. We would rather use a family conveyancer who is familiar with conveyancing in Redditch
It is improbable the sellers are driving this. If they require ‘a quick sale', alienating a serious buyer is likely to cause more damage than good. Contact the owners directly and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you are going to use your preferred Redditch conveyancing lawyers - not the ones that will earn the estate agent a introducer fee or meet his conveyancing figures set by corporate headquarters.
My step-son is embarking on her first house purchase, he had his mortgage in principle. When the offer was accepted on apartment we called the bank to progress the mortgage application. I was very surprised to hear that mortgage lenders do not accept all conveyancer, they have to be on a list, is this correct?
Banks ordinarily restrict either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Redditch conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.