My fiance and I intend to remortgage our flat in Whitley Bay with Lloyds. We have a son 18 who lives at home. Our solicitor requested us to identify 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 property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Lloyds conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this giving up his rights 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 Lloyds. This is solely used to protect Lloyds 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 Lloyds 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.
When does exchange of contracts happen for purchase conveyancing in Whitley Bay and do I need to be at the solicitors branch?
Where you are round the corner to one of the conveyancing solicitors in Whitley Bay you are welcome to come in to sign documents. That being said, the lender approved solicitors we work with supply a nationwide conveyancing service and provide just as detailed and professional a job for you when dealing with you by post or email. The signing of the purchase agreement is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to exchange contracts at the appropriate time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Whitley Bay)to be in the office at the appropriate time.
Are there restrictive covenants that are commonly picked up during conveyancing in Whitley Bay?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Whitley Bay. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Whitley Bay differ for new build properties?
Most buyers of new build residence in Whitley Bay contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because new home sellers in Whitley Bay tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Whitley Bay or who has acted in the same development.
I have just appointed agents to market my 2 bed apartment in Whitley Bay. Conveyancing solicitors are to be appointed soon, but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as usual given that all rents and service charges will be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Leasehold Conveyancing in Whitley Bay - Sample of Questions you should consider before buying
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Is the freehold owned collectively by the leaseholders? Are there any major works in the planning that will increase the maintenance fees? How many years are left on the lease?
I need to find a bank panel solicitor in Whitley Bay. Can you assist?
Unfortunately it’s not apparent why you need a Whitley Bay panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the lender to find out which solicitors in Whitley Bay are on their panel . If you do find such a firm in Whitley Bay not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site