Unfortunately I am unable to travel far from Wellington. Please spell out why all Wellington conveyancing practitioners are not on all lender panels?
Even though it may seem unfair for banks to restrict who can act for them, from the public’s or solicitor’s perspective, the the contrary view is that banks are becoming ever more anxious and consider it essential to shield themselves against mortgage fraud. As a result of this concern lenders have restricted their conveyancing panel to a size that they are happy to control.
My husband and I intend to remortgage our flat in Wellington with UBS. We have a son 19 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment 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 remortgaged 5 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your UBS 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 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.
Will conveyancers ask for money up-front for my conveyancing in Wellington?
If you are buying a property in Wellington your solicitor will ask you place them with monies to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the conveyancing searches. When the down payment is as part of the sale price then this should be required shortly before exchange of contracts. The final balance that is needed should be sent to your lawyer shortly before completion.
I am purchasing a new build house in Wellington with a mortgage from HSBC Bank. The sellers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not reveal to my conveyancer about the extras as it would impact my loan 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Wellington. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Wellington are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Wellington so you should seriously consider shopping around for a Wellington conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should appraise you on the various issues.
Leasehold Conveyancing in Wellington - A selection of Queries before buying
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How much is the ground rent and service charge? Make sure you enquire if there is anything that is prohibited in the lease. By way of example it is fairly common in Wellington leases that pets are not allowed in certain buildings in Wellington. If you like the apartmentin Wellington but your dog is not allowed to move with you then you will be presented with a difficult decision.
A loan agreement from a lender for the remortgage of my 2 bedroom flat is coming by the end of next week. Can you suggest a cheap remortgage conveyancing lawyer in Wellington ?
This site is not designed to help in pursuit of the cheapest conveyancing in Wellington. Our goal is to offer value for money conveyancing but we do not aim to work with the cheapest lawyers. Resist the temptation to appoint brokers offering low cost conveyancing in Wellington.In your best case scenario, in opting for cheap conveyancing, you will get what you pay for and at worst you will end up invoiced for additional fee and still not get the service required.