My fiance and I intend to remortgage our maisonette in Weldon with Principality. We have a son 18 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, waiving any legal rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this form unique to the Principality conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
First, rest assured that your Principality 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 Principality. This is solely used to protect Principality 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 Principality 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.
Why do I have to pay up front for my conveyancing in Weldon?
Where you are retaining lawyers for conveyancing in Weldon your lawyer will request that you place them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the purchase price then this will be needed immediately in advance of exchange of contracts. The final balance that is due should be transferred shortly before completion.
After scouring moneysavingexpert.com for a high-quality lawyer in Weldon, most post that I must instruct a CQS assured solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home moving process, trusted by some of the UK's major banks. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). The scheme does not cover licenced conveyancers. Weldon is one of the numerous areas in England and Wales where there are Accredited solicitors.
I'm the sole beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Weldon. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership will be regarded the same way as if I'd bought the house in November. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. many lenders would take a practical view as this requirement is primarily there to capture subsales or the wholesaling and assigning of property.
We previously instructed solicitors locally in Weldon on the Santander solicitor approved list. They have just billed me a further sum for the legal aspects of the Santander mortgage. Is this an additional conveyancing fee set by Santander?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancing practitioner is entitled to levy a fee for this. The fee is not set by Santander but by your Weldon solicitor. Plenty of firms on the Santander panel will charge ’dealing with mortgage’ fee and others do not.
Leeds Building Society have agreed my home loan in principle, my offer on a property in Weldon has been agreed to, what happens next?
Your estate agent will want to be informed of your property lawyer's details (ensure that the conveyancers are on the lender’s panel). Telephone Leeds Building Society or the broker and complete any relevant forms. Leeds Building Society will appoint a valuer who will get in contact with the selling agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately ten days to receive the mortgage offer. Leeds Building Society will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Weldon.
I am buying my first flat in Weldon with the aid of help to buy. The developers refused to move on the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not to tell my lawyer about this deal as it may put at risk my mortgage with the lender. Should I keep quiet?.
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 have been on the look out for a flat up to £195,000 and found one round the corner in Weldon I like with a park and station nearby, however it's only got 52 years on the lease. There is not much else in Weldon suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.