My partner and I intend to remortgage our penthouse in Snodland with HSBC. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this form unique to the HSBC conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his entitlement to inherit the property?
First, rest assured that your HSBC 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 HSBC. This is solely used to protect HSBC 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 HSBC 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.
Why do I have to pay up front for conveyancing in Snodland?
If you are buying a property in Snodland your solicitor will request that you place them with funds to cover the the cost of the conveyancing searches. Ordinarily this is called for to cover the fees of the conveyancing searches. If any deposit is payable against the purchase price then this should be asked for immediately ahead of contracts are exchanged. The final balance that is needed will be payable a few days prior to the completion date.
A friend informed me that in purchasing a property in Snodland there may be a number of restrictions prohibiting external alterations to the property. Is this right?
We are aware of a number of properties in Snodland which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Snodland should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the only beneficiary of my late mum's estate with all property in now in my sole name, including the house in Snodland. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in November. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. Some lenders would take a practical view as this clause principally exists to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
I currently have a mortgage with Clydesdale for my property in Snodland. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Clydesdale?
Your original mortgage agreement with Clydesdale will provide that you need their approval before letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. It should not be necessary to do this via a Clydesdale conveyancing panel solicitor.
Should my lawyer be raising enquiries concerning flooding during the conveyancing in Snodland.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Snodland. Some people will buy a house in Snodland, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, but there are a various checks that may be undertaken by the purchaser or by their conveyancers which can figure out the risks in Snodland. The standard information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to find out whether the premises has ever been flooded. If flooding has previously occurred and is not notified by the vendor, then a buyer may issue a compensation claim as a result of such an incorrect reply. A buyer’s conveyancers will also carry out an environmental search. This will higlight if there is a recorded flood risk. If so, more detailed inquiries will need to be initiated.
How simple is it to use the search app to select a conveyancing solicitor in Snodland on the authorised to act for my lender?
1st pick a lender such as Santander, Barnsley Building Society or Britannia then specify your preferred area e.g. Snodland. Conveyancing practices in Snodland and beyond will then be listed.
In my capacity as executor for the estate of my grandfather I am selling a property in Newport but live in Snodland. My solicitor (who is 200 kilometers awayhas requested that I sign a statutory declaration prior to completion. Could you suggest a conveyancing practitioner in Snodland to attest and place their company stamp on the document?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are Snodland based