My fiance and I changing mortgage lender for our penthouse in Sunbury with RBS. We have a son 18 who lives with us. 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, waiving any legal rights in the event that the property is forfeited by the lender. I have two questions (1) Is this document specific to the RBS conveyancing panel as he did not need to sign this form when we bought 4 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 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.
I had intended to instruct a conveyancing solicitor in Sunbury for our house move. Our broker has since notified us that our mortgage company Chelsea Building Society won't deal with them. Why is this not regarded as unfair competition?
A lender may require an approved conveyancer act for it. Borrowers are expected to bear the cost of this. Try using our directory service to locate a solicitor to conduct conveyancing in Sunbury on the Chelsea Building Society conveyancing panel.
Various internet forums that I have frequented warn that are a common cause of obstruction in Sunbury house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Sunbury.
I'm purchasing a new build house in Sunbury with a loan from Clydesdale. The builders would not budge the price so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not disclose to my solicitor about this extras as it will jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Sunbury is the location of the property. Can you shed any light on this issue?
Flying freeholds in Sunbury are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sunbury you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sunbury may decide 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 premises.
Is it best to go with a Sunbury conveyancing lawyer based in the area that I am hoping to buy? We have a good friend who can execute the legal formalities but they are based 200miles away.
The primary upside of using a high street Sunbury conveyancing firm is that you can pop in to execute documents, present your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and in the main were content that must surpass using an unfamiliar Sunbury conveyancing lawyer solely due to them being based in the area.