My partner and I swapping mortgage lender for our apartment in Retford with Nottingham. We have a son 19 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Nottingham 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 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.
Is it the case that all Retford CQS (Conveyancing Quality Scheme) solicitors are on the Principality conveyancing list of approved solicitors?
It is true that some banks and building societies now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
When it comes to mortgage companies such as Nottingham, do Retford conveyancers have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I am expecting a DIP from Clydesdale 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 Clydesdale recommend any Retford solicitors on the Clydesdale conveyancing panel, or is it better to go independently?
You will need to appoint Retford solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
A colleague advised me that if I am buying in Retford I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Retford conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Retford around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Retford Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Retford.
2 months have gone by since my purchase conveyancing in Retford concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build flat in Retford. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Retford
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There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I am short of a 10% deposit on my flat purchase in Retford , but I am keen proceed. Do I have options?
One option is to try and agree a lower deposit. Many sellers will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment