My husband and I swapping mortgage lender for our apartment in Underwood with Aldermore. We have a son approaching twenty 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, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Aldermore conveyancing panel as he did not need to sign this form when we remortgaged 4 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 Aldermore 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 Aldermore. This is solely used to protect Aldermore 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 Aldermore 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 buying a semi-detached house in Underwood. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Underwood you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Underwood.
My wife and I are purchasing a property in Underwood. I might seem paranoid but how we can trust a conveyancer? On completion day we will need to send money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Have just purchased a probate house at auction in Underwood. Conveyancing is necessary. What happens now?
Having to in every practical sense signed on the dotted line you must instruct a conveyancing practitioner as a matter of priority as you now have a tight a fixed date to complete the purchase. Every auction property will have a corresponding auction set of papers. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You need to pass this on to the lawyer instructed by you at the earliest opportunity. You also need to ensure that your finances are in place to complete on the date specified in the contract.
Is it the case that all Underwood conveyancing solicitors on the Skipton conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Skipton conveyancing panel they would need to be overseen by the SRA. Many banks do allow licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
I'm buying a new build house in Underwood benefiting from help to buy. The builders would not reduce the amount so I negotiated 6k of extras instead. The sale representative told me not disclose to my lawyer about the deal as it could affect 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.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Underwood is the location of the property. What do you suggest?
Flying freeholds in Underwood are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Underwood you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Underwood may determine 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 property.
I have been advised by numerous property agents in Underwood to select a property lawyer using your seach tool. What’s the financial upside for Estate Agents to recommend your services rather than a competitor’s?
We refuse to offer any commission for sending work our way. We thought it would be too underhand to pay a commission because a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.