My wife and I are refinancing our penthouse in Thornton Heath with RBS. 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, waiving any legal rights in the event that the flat 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 purchased 3 years ago (2) In signing this form is our son in any way compromising his right 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.
As someone clueless as to the Thornton Heath conveyancing process what’s the number one tip you can impart concerning the home moving process in Thornton Heath
You may not hear this from too many lawyers but conveyancing in Thornton Heath or throughout England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there is plenty of room for conflict between you and other parties involved in the transaction. For example, the vendor, property agent and even potentially the mortgage company. Appointing a law firm for your conveyancing in Thornton Heath is a critical decision as your conveyancer is your adviser, and is the SOLE person in the transaction whose interest is to look after your best interests and to keep you safe.
On occasion a potential adversary may attempt to sway you that you should follow their advice. As an example, the estate agent may claim to be assisting by claiming that your lawyer is slow. Or your mortgage broker may try to convince you to do something that is against your conveyancers recommendation. You should always trust your lawyer above all other parties in the home moving process.
I am in the process of remortgaging my house in Thornton Heath, does my lawyer need to be on the RBS Solicitor panel?
There is nothing to stop you using your solicitor, but RBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I know that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when buying a property in Thornton Heath? or I am told that there is historic law that could mean that homeowners residing in a parish church boundary will be compelled to contribute towards maintenance towards the chancel within the church. Is this suitable for conveyancing in Thornton Heath?
Unless a prior purchase of the house completed post 12 October 2013 you may take it that lawyers handling conveyancing in Thornton Heath to continue to advocate a chancel search and or chancel repair liability insurance.
How does conveyancing in Thornton Heath differ for newly converted properties?
Most buyers of new build residence in Thornton Heath contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is built. This is because house builders in Thornton Heath typically buy 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 conveyancing solicitors 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 used to new build conveyancing in Thornton Heath or who has acted in the same development.
I am using a search engine for the words on line conveyancing in Thornton Heath it reveals many solicitorsin the vicinity. How do I determine which is the suitable solicitor for my move?
The best method of seeking the right conveyancer is via trusted referral, so ask colleagues and relatives who have bought a property in Thornton Heath or a reputable estate agent or financial adviser. Fees for conveyancing in Thornton Heath vary, so it's advisable to secure a minimum of four quotes from different law firms. Make sure that you clarify that the fees are fixed.