My husband and I changing mortgage lender for our penthouse in Rottingdean with Virgin Money. We have a son 18 who lives at home. 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 apartment is forfeited by the lender. I have two concerns (1) Is this form unique to the Virgin Money conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Virgin Money 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 Virgin Money. This is solely used to protect Virgin Money 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 Virgin Money 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 there a reason why leasehold purchase conveyancing in Rottingdean is more expensive?
The conveyancing charges on a leasehold premises in Rottingdean is frequently greater when contrasted to a freehold acquisition or disposal. This is due to the additional work necessary in communicating with the freeholder and managing agents to collate the information about whether the rent and service charges have been cleared and whether there are any major works due in the near future on repairs or maintenance of the block.
We are planning to purchase with Norwich and Peterborough Building Society. We have called around locally but am unable to find a Rottingdean conveyancing firm on the Norwich and Peterborough Building Society panel. Please you help?
You should make the most of the find a conveyancing panel solicitor tool on this page. Pick the lender and type Rottingdean or your preferred area and you will see a number of lawyer based in Rottingdean or near you.
Various online forums that I have visited warn that are the main reason for stalling in Rottingdean conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Rottingdean.
three months have elapsed since my purchase conveyancing in Rottingdean concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. 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'm buying a new build house in Rottingdean with a mortgage from Aldermore. The builders would not reduce the price so I negotiated £7000 of additionals instead. The house builders rep advised me not reveal to my lawyer about this side-deal as it could jeopardize my loan with Aldermore. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.