My husband and I intend to remortgage our maisonette in Twyford with Co-operative. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 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 Co-operative conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Co-operative conveyancing panel solicitor is doing the right thing 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 purchased a freehold property in Twyford yet invoiced for rent, why is this and what is this?
It is rare for properties in Twyford and has limited impact for conveyancing in Twyford 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Should my lawyer be asking questions regarding flooding as part of the conveyancing in Twyford.
Flooding is a growing risk for conveyancers dealing with homes in Twyford. Some people will purchase a property in Twyford, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a number of checks that can be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Twyford. The standard completed inquiry forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not notified by the owner, then a purchaser may bring a legal claim for losses resulting from an misleading reply. The purchaser’s lawyers may also carry out an environmental search. This will disclose if there is any known flood risk. If so, more detailed inquiries will need to be made.
I am buying my first flat in Twyford benefiting from help to buy. The builders refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative told me not inform my lawyer about the extras as it may put at risk my loan with Aldermore. 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.
I decided to have a survey carried out on a property in Twyford in advance of retaining conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some lenders tend refuse to give a loan on this type of premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Twyford. Conveyancing may be slightly more expensive based on your lender's requirements.
We are one month into a leasehold purchase having been directed to a firm by the estate agent to handle our conveyancing in Twyford. I am am extremely disappointed with the quality of service. Could you help me find new conveyancers?
A lawyer would have to be really poor in order to consider replacing them. Has the mortgage been sent? In the event that it has you need to advise them of the new solicitor and have the mortgage documents are re-issued. Your new solicitor ideally should be on the banks panel to avoid supplemental expenses and complications. So that should be your starting point. Our search tool can assist you in finding a lender approved solicitor for your home move in Twyford