My husband and I intend to remortgage our maisonette in Sandown with Aldermore. We have a son 18 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, giving up any rights in the event that the apartment is forfeited by the lender. I have two concerns (1) Is this document specific to the Aldermore conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this compromise his rights 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Sandown? Is this really necessary?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Sandown. Nowadays you will not be able to complete any conveyancing deal in the absence handing over evidence of your identity. This usually takes the form of a either your passport or driving licence as well as a utility bill. Remember if you are providing your driving licence as proof of ID it must be both the paper part as well as the photo card part, one is not sufficient in the absence of the other.
Evidence of the source of funds is necessary under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancer will need to have this information on file. Your Sandown conveyancing lawyer will require evidence of proof of funds prior to accepting any funds from you into their client account and they will also ask additional queries concerning the origin of funds.
Are the BSA planning on creating a online directory to to identify law firms on the Norwich and Peterborough Building Society conveyancing panel for example in Sandown?
Lexsure has not been advised of any plans on the part of the BSA to develop such a tool.
If you had a top tip for choosing a conveyancing solicitor in Sandown what would it be?
Do not opt for the cheapest Sandown conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
My father advised me that in purchasing a property in Sandown there could be various restrictions affecting the ability to carry out external changes to a property. Is this right?
There are anumerous of properties in Sandown which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Sandown should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have today made my last payment due on my mortgage with Co-operative. I assume I don't need a Sandown conveyancer on the Co-operative panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I'm purchasing my first flat in Sandown with a loan from Bank of Ireland. The developers would not move on the amount so I negotiated £7000 of additionals instead. The estate agent advised me not disclose to my solicitor about this side-deal as it could adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
I need to find a conveyancing solicitor for purchase conveyancing in Sandown. I happened to stumble across a site which seems to have the ideal answer If there is a chance to get all the legals completed via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?