My partner and I intend to remortgage our flat in St Austell with HSBC. We have a son 19 who lives at home. Our solicitor has asked us to disclose 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 property is repossessed. I have two concerns (1) Is this document specific to the HSBC conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this compromise his rights 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.
We are buying a flat and need a conveyancing solicitor in St Austell who is on the Aldermore solicitor panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Aldermore . We don't recommend any particular firms conducting conveyancing in St Austell.
Various internet forums that I have frequented warn that are the primary reason for delay in St Austell conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in St Austell.
How does conveyancing in St Austell differ for new build properties?
Most buyers of new build premises in St Austell approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because developers in St Austell typically acquire the site, 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 property lawyers 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 St Austell or who has acted in the same development.
I opted to have a survey completed on a property in St Austell prior to instructing conveyancers. I have been advised that there is a flying freehold element to the house. My surveyor advised that some lenders tend refuse to grant a mortgage on such a house.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in St Austell. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in St Austell to see if the conveyancing will be more expensive.
My father has encouraged me to appoint his conveyancing solicitors in St Austell. Should I find my own property lawyer?
Much as we are happy to recommend a St Austell conveyancing lawyer it’s preferable to choose a conveyancing solicitor is to seek guidance from friends or relatives who have experience in using the solicitor you're are thinking of instructing.