My partner and I changing mortgage lender for our penthouse in Torpoint with Leeds Building Society. We have a son approaching twenty who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal 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 Leeds Building Society conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this extinguish 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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're in Torpoint, First timers purchasing with a mortgage (lender is Kent Reliance , and our lawyer is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Have just purchased a repossessed house at auction in Torpoint. Conveyancing is needed. What is next?
Having to in every practical sense signed on the dotted line you now have to find a conveyancing practitioner soon as you are faced with a pending a drop dead date to complete the transaction. Every auction property will have a bespoke auction pack. This will likely include evidence of title and search results. In the case of leasehold premises the conveyancing pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You should give this to your appointed conveyancing solicitor ASAP. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
is it true that all Torpoint solicitors on the Bank of Ireland conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be overseen by the SRA. Some lenders do allow licenced conveyancers on their panel and in such a situation the organisation would be governed by the Council of Licensed Conveyancers.
My wife and I have organised a further advance on our home loan from RBS as we wish to conduct alterations to our home in Torpoint. Do we need to select a nearby Torpoint solicitor on the RBS conveyancing panel to deal with the legals?
RBS would not normally appoint a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS list.
How does conveyancing in Torpoint differ for new build properties?
Most buyers of new build residence in Torpoint come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Torpoint tend to purchase the land, 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 accustomed to new build conveyancing in Torpoint or who has acted in the same development.
I need to instruct a conveyancing solicitor for my conveyancing in Torpoint. I have stumble upon a web site which looks to be the ideal answer If there is a chance to get all formalities done via web that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Our solicitor in Torpoint has identified a a problem with the lease for the property we are purchasing in Torpoint. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.