I am hoping to receive a offer of a home loan from Lloyds. I hope to retain the legal services of a Licensed Conveyancer in Stroud. Does the Lloyds Solicitor panel include Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My husband and I intend to remortgage our penthouse in Stroud with HSBC. We have a son 19 who lives with us. Our solicitor requested us to identify 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 a couple of 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 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 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.
I am purchasing a property and need a conveyancing solicitor in Stroud who is on the Chelsea Building Society approved. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Chelsea Building Society in certain locations such as Stroud. We dont recommend any particular firm.
I'm purchasing my first flat in Stroud with a loan from TSB. The builders would not move on the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not disclose to my conveyancer about the side-deal as it will jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Stroud I like with amenity areas and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Stroud suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage that many years may be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
My partner has suggested that I appoint his conveyancers in Stroud. Should I use them?
No doubt the best way to find a conveyancing solicitor is to get recommendations from friends or relatives who have actually previously instructed the firm that you are are thinking of instructing.