My fiance and I changing mortgage lender for our apartment in Saxilby with Santander. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Santander conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Santander 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 Santander. This is solely used to protect Santander 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 Santander 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.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Lloyds Conveyancing panel ahead of completing my conveyancing in Saxilby?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Have completed on a a semi-detached house in Saxilby , What is the estimated time for the Land Registry to register the transfer to my name? My Saxilby conveyancing solicitor works at snail pace, so I want to be certain that my purchase is recorded.
As far as conveyancing in Saxilby registration is no quicker or slower than anywhere else in the country. Rather than based on location, timescales can adjust depending on who lodges the application, whether there are errors and if the Land registry communicate with any other persons or bodies. At present in the region of three quarters of submission are fully addressed within 12 days but occasionally there can be protracted delays. Historically registration occurs after the new owner has moved in to the property thus 'speed' is not usually top priority but where there is a degree of urgency associated with the registration then you or your solicitor should contact the land registry and explain the circumstances.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Saxilby I like with open areas and transport links in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Saxilby for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Should I be concerned that 3rd parties that I am dealing with are recommending a nationwide conveyancing firm rather than a High Street Saxilby conveyancing practice?
As with lots of service providers, often suggestions from relatives can be extremely useful or valuable. But there are numerous people with a vested interest in a conveyancing deal; estate agents, mortgage brokers and lenders may put forward conveyancers to instruct. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to choose your own lawyer. Don't forget that the majority of lenders operate an approved list of law firms you must use for the lender related work in your transaction.
In scouring the web for the term conveyancing in Saxilby it brings up many conveyancersin the vicinity. How do I determine which is the suitable conveyancer for purchase transaction?
The preferential method of seeking the right conveyancer is through a trusted referral, so enquire of friends and relatives who have acquired a property in Saxilby or a respected estate agent or financial adviser. Costs for conveyancing in Saxilby vary, so it's advisable to request a minimum of three costs illustrations from varying types of conveyancers. Make sure that you know that the fees are fixed.