My fiance and I intend to remortgage our penthouse in Southmead with Nottingham. We have a son 18 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nottingham 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
I am planning to acquire a house and require a conveyancing solicitor in Southmead who is on the TSB solicitor. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for TSB in certain locations such as Southmead. We dont recommend any particular firm.
I can see plenty of information on this site concerning conveyancing in Southmead but what is your top tip for appointing the right conveyancer in Southmead
We would encourage you not to go for the cheapest Southmead conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
I am the sole recipient of my late father’s estate with all property in now in my sole name, including the house in Southmead. The Southmead property was put into my name in November. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be treated the same way as if I'd bought the house in November. Do I have to wait half a year to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How practical a view banks take of it, depend on the bank as this provision is principally there to pick up on the purchase and immediately sell or the quick reselling of properties.
When it comes to lenders such as Principality, do Southmead conveyancers have to pay an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am selling our property in Southmead and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. A local lawyer would know that there is no such problem. For the life of me I don't know why the purchasers are using a national conveyancing practice rather than a conveyancing solicitor in Southmead. Having lived in Southmead for three years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Southmead differ for newly converted properties?
Most buyers of new build or newly converted property in Southmead come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Southmead tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Southmead or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, no chain conveyancing. Southmead is where the house is located. Is there any advice you can impart?
Flying freeholds in Southmead are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southmead you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southmead may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.