My fiance and I are refinancing our maisonette in Winnersh with Lloyds. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this document specific to the Lloyds conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this compromise 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 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Winnersh? What am I being asked for?
In order to comply with Money Laundering Regulations any Winnersh conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing where you reside.
Under Money Laundering Regulations, conveyancers are obliged by law to ascertain not just the ID of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this may result in your conveyancer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
I acquired my apartment on 13 January and the transaction details are still not registered. Any reason for this? My conveyancing solicitor in Winnersh said it would be dealt with in a couple of weeks. Are titles in Winnersh uniquely lengthy to register?
As far as conveyancing in Winnersh registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can differ subject to who lodges the application, whether it is in order and if the Land registry have to notify any other persons or bodies. At present in the region of three quarters of submission are fully addressed within 12 days but occasionally there can be extensive delays. Historically registration occurs once the purchaser has moved in to the property thus 'speed' is not typically an essential issue yet if there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for an expedited registration.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Winnersh I like with a park and station in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Winnersh suitable, so just wondered if I would be making a mistake purchasing 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 amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I'm converting the mortgage on my existing house to a BTL mortgage with National Westminster Bank and intend to use the remaining equity as a deposit on further property. The neighborhood we are looking at is Winnersh. Will your solicitors be able to act for the two banks and tie in the conveyances?
Make use of our comparison tool on this page to check that the conveyancers are on the appropriate lender panels. Assuming that they are your lawyer should be able to connect the two deals but you should talk with you lawyer and communicate your expectations and needs.
My brother-in-law has suggested I instruct a conveyancing solicitor in Winnersh. I I would like to check if they are listed on the bank's approved list of lawyers. Could you advise?
You should contact the solicitor to check if they are on the lender's approved list. If that does not help call us and we can make some checks for you. If they are not on the conveyancing panel we we can help find a specialist conveyancing solicitor in Winnersh on the approved list for your lender.