My fiance and I intend to remortgage our apartment in Whitnash with Nationwide. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the Nationwide conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his entitlement to inherit the property?
First, rest assured that your Nationwide 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 Nationwide. This is solely used to protect Nationwide 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 Nationwide 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.
How up to date is your database of Whitnash solicitors on the Lloyds conveyancing panel? Do Lloyds send you an updated list?
Whitnash conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
I have been told that property searches are the main cause of obstruction in Whitnash house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Whitnash.
I am buying a new build flat in Whitnash. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Whitnash
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Due to the advice of my in-laws I had a survey completed on a property in Whitnash in advance of appointing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some banks will refuse to issue a mortgage on such a property.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Whitnash. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Whitnash to see if the conveyancing costs will increase in light of this.
My solicitors in Whitnash have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the lender. Is it case that being on the lender conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the bank directly.