My wife and I are refinancing our maisonette in Warwickshire with UBS. 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. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this form unique to the UBS conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his entitlement 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 UBS. This is solely used to protect UBS 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 UBS 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.
Are the Warwickshire conveyancing solicitors identified as being on the Nationwide conveyancing panel, together with their details provided by Nationwide?
Warwickshire conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
is it true that all Warwickshire solicitor practices on the Clydesdale conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be regulated by the SRA. Some mortgage companies do permit licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
About to purchase apartment in Warwickshire. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Warwickshire property lawyer is on the Yorkshire BS conveyancing panel.
Aldermore have agreed my home loan in principle, my bid on a property in Warwickshire has been accepted, what happens next?
Your property agent will want to be advised as to your lawyer's details (make sure the property lawyers are on the bank’s approved list). Contact Aldermore or your financial adviser and complete any relevant documentation. Aldermore will instruct a valuer who will get in touch with the estate agent or seller to book a slot for the valuation to take place. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. Aldermore will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Warwickshire.
What does a local search reveal concerning the house my wife and I buying in Warwickshire?
Warwickshire conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for instance Onsearch The local search is essential in every Warwickshire conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search should reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
I am looking for a ground for flat up to £305k and identified one near me in Warwickshire I like with open areas and railway links in the vicinity, however it only has 51 years unexpired on the lease. I can't really find anything else in Warwickshire in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Should I be suspicious that third parties that I am dealing with are encouraging me to use a national conveyancing firm rather than a High Street Warwickshire conveyancing firm?
As with lots of professional services, often suggestions from connections can be extremely useful or valuable. Yet there are many people with a keen interest in a conveyancing transaction; estate agents, financial adviser and banks may suggest conveyancers to appoint. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You are at liberty to select your preferred conveyancer. Don't forget that most banks have an approved list of solicitors you are obliged to use for the mortgage related work in your conveyancing.