My fiance and I swapping mortgage lender for our maisonette in Solva with Principality. We have a son approaching twenty who lives with us. 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, waiving any legal rights in the event that the property is forfeited by the lender. I have two questions (1) Is this document specific to the Principality conveyancing panel as he never had to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right 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 Principality. This is solely used to protect Principality 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 Principality 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.
My bid for a property was accepted at auction in Solva. Conveyancing is necessary. What are my next steps?
Having for all intents and purposes signed on the dotted line you now have to find a conveyancing practitioner as a matter of urgency as you now have a pending deadline in which to complete the deal. An auction property will ordinarily have an associated auction set of papers. This will likely include most,if not all of the documents that your lawyer will need. Where you are dealing with leasehold property the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You must pass this on to your appointed conveyancing solicitor ASAP. You also need to ensure that you have funds in place to complete on the date specified in the contract.
Forgive me if this question is silly but I am wet behind the ears as a 1st time purchaser of a two bedroom flat in Solva. Do I collect the keys to the house on the completion date from my solicitor? If this is the case, I will instruct a local conveyancing solicitor in Solva?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you should be able to pick up the keys from the Estate Agents and move into your new home. Usually this occurs between 1 and 3pm.
I have a mortgage with RBS for my property in Solva. Conveyancing has been completed some time ago. If I am intending 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 RBS?
You must advise RBS prior to renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will permit you to let 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 RBS directly. You need not do this via a RBS conveyancing panel solicitor.
I have recentlybecome aware that Wolstenholmes have closed. They carried out my conveyancing in Solva for a purchase of a leasehold flat 9 months ago. How can I check that the property is in my name in the name of the former proprietor?
The easiest way to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Solva conveyancing specialists.
I opted to have a survey carried out on a property in Solva in advance of retaining conveyancers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some lenders will refuse to give a loan on this type of property.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Solva. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Solva to see if the conveyancing costs will increase in light of this.
Do I need to be suspicious about 3rd parties that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a local Solva conveyancing firm?
As is the case with many service providers, often referrals from connections can be worth their weight in gold. Yet there are numerous people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and lenders might all recommend lawyers to appoint. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there might be a commercial relationship behind the recommendation. You are free to select your preferred lawyer. Don't forget that many mortgage providers have an approved list of law firms you are obliged to use for the lender aspect of your house move.
My partner has recommend that I appoint his conveyancing solicitors in Solva. Should I choose my own property lawyer?
Much as we are happy to recommend a Solva conveyancing lawyer the best way to select a conveyancing solicitor is to get feedback from friends or relatives who have actually experience in using the firm that you are are thinking of instructing.