My fiance and I are refinancing our maisonette in Rowen with Co-operative. We have a son approaching twenty 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, waiving any legal rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this document specific to the Co-operative conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this extinguish his entitlement 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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.
I am selling my house in Rowen. Does the conveyancer need to be on the Barclays conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
My uncle pointed out to me me that in buying a property in Rowen there could be a number of restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of a number of properties in Rowen which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Rowen should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I recently had an offer agreed on an apartment in Rowen. My financial adviser recommended their conveyancers. I paid an advanced payment of £150. Shortly after, the conveyancer called me sheepishly admitting that they were not on the HSBC conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the HSBC panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told two weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Rowen is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
Are there restrictive covenants that are commonly identified during conveyancing in Rowen?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Rowen. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
In sourcing the web for the term on line conveyancing in Rowen it reveals many property lawyersin the area. With so much choice what is the best way to find the right property lawyer for purchase transaction?
The best method of choosing the right conveyancer is through a trusted testimonial, so seek the guidance of colleagues and family who have acquired a property in Rowen or a reputable estate agent or financial adviser. Charges for conveyancing in Rowen vary, so it's sensible to secure a minimum of four quotes from different companies. Dont forget to clarify that the fees are fixed.
We own a leasehold flat in Rowen. Conveyancing was completed in last year. I have heard that I should not let the lease length fall too short. Why is that a problem?
Rowen leasehold properties are for a prescribed term - usually just under one hundred years when they are first granted. However a significant appartments in Rowen were built or converted 20 or more years ago and so these leases now have fewer than 80 years remaining. This may sound like plenty of time but Banks, Building Societies and other mortgage companies tend to need leases to have at least 75 years unexpired to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To enhance your property value you should be thinking about whether to extend your lease well in advance of selling the property. There are also strong financial reasons to doing so before the lease hits 80 years as when the lease falls below eighty years the amount you have to pay to extend starts to escalate.