My husband and I changing mortgage lender for our maisonette in Solva with TSB. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults 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 flat is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your TSB 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 TSB. This is solely used to protect TSB 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 TSB 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 Solva conveyancing firm that just started acting on my purchase in Solva have suddenly shut down. I only went with them because I needed a solicitor on the Barclays conveyancing panel and my family Solva lawyer was not. I gave my credit card details for them to take £195 for searches. What do I do now?
If you have an estate agent involved then inform them straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Barclays 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 lawyers should be in a position to assist.
I know that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when acquiring a residence in Solva? or I am told that there is an ancient law that means some owners of property residing in a parish church boundary may be liable to contribute towards maintenance to the chancel within the church. Is this applicable for conveyancing in Solva?
Unless a previous purchase of the premises took place after 12 October 2013 you can expect lawyers delivering conveyancing in Solva to continue to suggest a chancel search and or insurance against a claim.
I am buying a new build flat in Solva. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Solva
-
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I am looking for a leasehold apartment up to £245,000 and found one close by in Solva I like with amenity areas and station in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Solva suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
My lawyers in Solva have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the lender directly.