My partner and I are refinancing our penthouse in Stockwood with Co-operative. We have a son approaching twenty 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 apartment is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Co-operative conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights 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 Co-operative. This is solely used to protect Co-operative 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 Co-operative 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 own a freehold premises in Stockwood but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Stockwood and has limited impact for conveyancing in Stockwood but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
I am buying a terrace house in Stockwood. The intention is to carry out a loft conversion at the property.Will the conveyancing process involve checks to determine if these works are allowed?
Your property lawyer will check the deeds as conveyancing in Stockwood will on occasion reveal restrictions in the title deeds which prohibit categories of changes or necessitated the consent of another owner. Certain additions require local authority planning permissions and approval in accordance building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
When it comes to mortgage companies such as Nationwide, do Stockwood lawyers incur a yearly amount to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
It is unclear whether my lender requires a lease extension. I have called into my local Stockwood bank branch on various occasions and was informed it wasn't an issue and they would lend. My Stockwood conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The lawyer has to comply with the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
We are close to exchanging contracts on the sale of our property in Stockwood and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A high street Stockwood lawyer would know this is not the case. It does beg the question why the purchasers instructed a factory type conveyancing outfit rather than a conveyancing solicitor in Stockwood. Having lived in Stockwood for six years we know of no issue. Do we get in touch with our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing firm 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 health insurance to cover that same sickness)
I used Wolstenholmes a few years ago for my conveyancing in Stockwood. Now, I need my documents however the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Stockwood of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying my first flat in Stockwood with the aid of help to buy. The developers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not reveal to my conveyancer about this extras as it may jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.