My husband and I changing mortgage lender for our penthouse in Ventnor with Nottingham. We have a son 19 who lives at home. Our solicitor requested us to identify 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 property is repossessed. I have a couple of concerns (1) Is this document specific to the Nottingham conveyancing panel as he did not need to sign this form when we remortgaged 5 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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.
Will conveyancers ask for an advanced payment for conveyancing in Ventnor?
Where you are retaining lawyers for conveyancing in Ventnor your solicitor will request that you put them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the total price then this will be needed immediately in advance of exchange of contracts. Any further balance that is due will be payable shortly before completion.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to have this when purchasing a house in Ventnor? or I am told that there is an ancient law that could mean that house owners living in a parish church boundary may be liable to contribute towards repairs towards the chancel in proximity to the church. Is this relevant for conveyancing in Ventnor?
Unless a prior purchase of the house took place after 12 October 2013 you can expect solicitors delivering conveyancing in Ventnor to continue to recommend a chancel search and or insurance against a claim.
I am buying a new build house in Ventnor with the aid of help to buy. The sellers would not reduce the price so I negotiated £7000 of additionals instead. The house builders rep suggested that I not to tell my conveyancer about this extras as it could 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Ventnor is where the house is located. Can you offer any opinion?
Flying freeholds in Ventnor are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ventnor 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 Ventnor 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 premises.
My step-father has encouraged me to instruct his lawyers for conveyancing in Ventnor. Do I take his recommendation?
No doubt it’s preferable to choose a conveyancing solicitor is to seek referrals from friends or family who have actually used the conveyancer you're are thinking of instructing.