I can't travel far from Silsoe. Please spell out why all Silsoe conveyancers aren't automatically on all lender panels?
Before the recession most banks had an approach to risk which differs from the current day. The FSA in 2010 carried out a thematic review into mortgage fraud which in summary warned lenders: know the property lawyers on your panel. Accordingly, lenders have since looked to extract more information from law firms concerning their operations and the staff who work for them and set certain criteria such as completing a minimum amount of transactions. Thousands of law practices have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum amount of transactions the mortgage companies required.
My partner and I are refinancing our maisonette in Silsoe with Coventry BS. We have a son 19 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 property is repossessed. I have two concerns (1) Is this form unique to the Coventry BS conveyancing panel as he never had to sign this form when we remortgaged 5 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 Coventry BS. This is solely used to protect Coventry BS 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 Coventry BS 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.
We note that you have a post code search directory identifying solicitors on the Yorkshire BS conveyancing panel. Do companies pay you a commission if I instruct them for our own conveyancing in Silsoe?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Silsoe.
Will my conveyancer be making enquiries about flooding as part of the conveyancing in Silsoe.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Silsoe. There are those who buy a property in Silsoe, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a numerous searches that may be undertaken by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in Silsoe. The standard completed inquiry forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the seller to determine if the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the seller, then a purchaser may commence a compensation claim resulting from an inaccurate reply. The purchaser’s lawyers may also carry out an enviro search. This should reveal if there is any known flood risk. If so, further inquiries will need to be carried out.
I am buying a new build house in Silsoe with a loan from Aldermore. The developers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not reveal to my lawyer about the side-deal as it will adversely affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Are there common deficiencies that you come across in leases for Silsoe properties?
Leasehold conveyancing in Silsoe is not unique. Most leases are unique and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Royal Bank of Scotland, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
I bought a leasehold flat in Silsoe, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Corresponding flats in Silsoe with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2078
With just 53 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.