My partner and I changing mortgage lender for our penthouse in Ryhope with Clydesdale. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 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 forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Clydesdale conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Clydesdale 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 Clydesdale. This is solely used to protect Clydesdale 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 Clydesdale 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.
The Ryhope conveyancing lawyers that I appointed last week on my purchase in Ryhope have suddenly closed. I only went with them because I needed a solicitor on the HSBC conveyancing panel and my previous Ryhope lawyer was not. I cut them a cheque for £250 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the HSBC conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
When it comes to mortgage companies such as Nationwide, do Ryhope lawyers incur a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Is it the case that all Ryhope conveyancing solicitors on the Nottingham conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Nottingham conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of lenders do permit licenced conveyancers on their panel and in such a situation the firms would be regulated by the CLC.
Nottingham have agreed my home loan in principle, my offer on a flat in Ryhope has been agreed to, what are the next steps?
The property agent will want to be advised as to your lawyer's details (ensure that the solicitors are on the lender’s panel). Contact Nottingham or the financial adviser and complete any relevant documentation. Nottingham will appoint a valuer who will get in contact with the estate agent or owners to arrange an appointment. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Nottingham will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Ryhope.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Ryhope. 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 conveyancing.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Ryhope
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Ryhope is the location of the property. Is there any guidance you can give?
Flying freeholds in Ryhope are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ryhope you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ryhope 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 property.
At what point do I pay stamp duty due for my Ryhope house purchase?
The majority of conveyancing practitioners will complete a Land Transaction Return Form for you during your Ryhope conveyancing transaction for you to sign. On completion your solicitor will submit the STL application to the Tax Authorities and - assuming they have the money - discharge any land tax due for you.