My wife and I are refinancing our apartment in South Hornchurch with RBS. We have a son 18 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the RBS conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) Does our son by signing this giving up his entitlement to inherit the property?
First, rest assured that your RBS 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 RBS. This is solely used to protect RBS 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 RBS 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 fiance and I wish to acquire a purpose built flat in South Hornchurch with a homeloan from Bank of Scotland.We have a South Hornchurch conveyancing lawyer but Bank of Scotland advised that his firm is not on their approved list of firms. we are left little option but to use a Bank of Scotland panel lawyer or keep our preferred solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Bank of Scotland use our lawyer?
Unfortunately,no. The loan issued to you is subject to its various provisions, a common one being that conveyancers needs to be on the Bank of Scotland approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Bank of Scotland
I require fast conveyancing in South Hornchurch as I have an ultimatum to complete within 3 weeks. Thankfully I do not need a mortgage. Can I decline from having conveyancing searches to save money and time?
As you are are a mortgage free buyer you have the choice not to do searches although no conveyancer would advise that you don't. Drawing on years of experience of conveyancing in South Hornchurch the following are examples of what can crop up and therefore affect future mortgageability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Unadopted Roads,...
I have justdiscovered that Wolstenholmes have closed. They conducted my conveyancing in South Hornchurch for a purchase of a freehold house 12 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The quickest method to see if the premises is registered to you, 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 South Hornchurch conveyancing specialists.
I have been advised by a number of property agents in South Hornchurch to choose a property lawyer on your site. Is there a financial advantage for Estate Agents to market your services over another?
We refuse to give any commission for sending work in our direction. We thought it would be too underhand to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
My 20yr old son is just in the process of moving home, he had his mortgage in principle. When the offer was accepted on apartment we rang the mortgage company to progress the mortgage application. We were disappointed to discover that mortgage companies do not accept all property lawyer, they must be on their panel, is this legal?
Lenders normally restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any South Hornchurch conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.